Owners policy on lot purchase
We are two weeks from closing on a few acres of land for a future build site. It's a small development of 24 acreage lots. We are purchasing the lot from the developer and paying cash, so the owners title insurance policy is optional.
The title company is looking to charge $682 for an owners policy with $580 of that going to the agent and around $100 to the actual underwriter.
If we are already paying for the title search is the owners policy necessary? Is the fee negotiable since it looks like they are making a ton of profit as the agent?
Thanks for any feedback!