This is an interesting article and one we all should read and take note of when next we purchase a property, very interesting. Below is part of the article and the link to the full article is below

Since Rutzick’s new home had only two previous owners, he says, “The chances of a hidden grantor coming out of the woodwork and saying ‘I own it and you don’t’ is so incredibly small, [title insurance] just seems unnecessary.” He estimates he saved himself about $3,600 by not buying owner’s title insurance.

While shaving a few thousand dollars off closing costs is tempting, many in the real estate industry recommend against it. Pam Hamrick, vice president of LendingTree.com, says she has seen customers without title insurance policies run into problems that are expensive to clear up. “It’s like homeowner’s or auto insurance. No one wants to pay for it, but when you need it, not having it is unthinkable,” she says.

Even relatively new homes, such as Rutzick’s, carry risks, adds Hamrick. Liens can be placed by builders, contract workers, and

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