I just sold a vacant lot. When I purchased the lot I got tilte ins. Before closing my realtor asked for a copy the title ins. I got saying "It will say you a couple hundred dollars"and he sent it to the the Title Company.
Yesterday the closing agent had me sign several "Routine Papers", when he mentioned title ins I asked why since he had recieved copies the title ins sent to him. His response was that I the Seller must buy title ins. this closing took place yesterday 12/27/19.
this morning I read thru the paperwork and I see that the Buyer bought title ins. for $375.
And the title ins I paid $475 for is listed as"OPTIONAL"
I live in Wisconsin
What is my recourse if any?
1 Answer from Attorneys
Since can land titles can literally change by the second as new liens are recorded or judgments docketed, your old title policy from back when you purchased the lot is worthless and needed to be updated to the date of closing in any event. As seller, you probably also agreed to pay for the buyer's policy in your paperwork, and if so, you have no recourse. Either way, I always recomend that my clients have an up to date title policy before they sign any offer or acceptance paperwork so ordering a cheap updated title report (such as a letter report of title or a "search and hold") any time you are either buying or selling is a smart practice, since otherwise, you literally don't know what you are either buying or selling or negotiating over. Turning in your old title report to the new company or using the same one for the subsequent sale can indeed save you a couple of hundred dollars on the final policy, however, so the realtor was giving you good advice here.