Title insurance and survey needed in buying house?
My wife and I plan to purchase a house and want to know if we should get title insurance and a physical survey of the property.
This is a townhouse built in 1985 in a retirement community, located in a populous and affluent county with strong real estate regulations. The development is on land that was owned by the Catholic Church. The community has had a strong and active HOA since it began.
We are paying cash for the house. There will be no mortgage.
The previous owner passed away last November and we are buying it from her son who is the executor of the estate. The townhouse has had only two previous owners, so this will be the third purchase of the developed property.
The attorney representing us at the closing strongly advises us to get both title insurance (cost about $850) and a physical survey (cost ?). We do not believe either of these is necessary.
Any comments or advice on this will be greatly appreciated.