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2 questions Squatter's Rights/title ins

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Lovingwife

Junior Member
What is the name of your state? TN

I have 2 questions:

1. My husband and I are getting ready to purchase our first home (closing is in 15 days). My parents live in Georgia and were instructed, when they purchased their home, to go to the county courthouse and apply for squatter's rights which would lower their property taxes. I was wondering if Tennessee has this same option.

2. We are working through a mortgage broker. When I asked about getting title insurance he told me that the kind of loan we were getting would not allow us the option to purchase title insurance and said that they do a thorough title check and it wouldn't be necessary anyway. This doesn't sound right to me. My parents have had 2 occasions on 2 different houses where something turned up wrong years after they purchased the house. (The first time was their first home and they didn't know to get title insurance and it hurt them pretty bad and the second time they were glad they had it). My parents are insisting that we make sure we have it. Are there really loans out there that don't allow for title insurance or should I push the mortgage broker to put it in?

I thank all of you who take time out of your very busy days to help answer questions and would appreciate any help you may be able to provide.

Thanks
Lovingwife
 


BelizeBreeze

Senior Member
Lovingwife said:
What is the name of your state? TN

I have 2 questions:

1. My husband and I are getting ready to purchase our first home (closing is in 15 days). My parents live in Georgia and were instructed, when they purchased their home, to go to the county courthouse and apply for squatter's rights which would lower their property taxes. I was wondering if Tennessee has this same option.
there is no such thing as squatter's rights unless you're talking about first come, first serve at the outhouse.
2. We are working through a mortgage broker. When I asked about getting title insurance he told me that the kind of loan we were getting would not allow us the option to purchase title insurance and said that they do a thorough title check and it wouldn't be necessary anyway. This doesn't sound right to me.
and that is a smart way to feel.
My parents have had 2 occasions on 2 different houses where something turned up wrong years after they purchased the house. (The first time was their first home and they didn't know to get title insurance and it hurt them pretty bad and the second time they were glad they had it). My parents are insisting that we make sure we have it. Are there really loans out there that don't allow for title insurance or should I push the mortgage broker to put it in?
Tell the mortgage broker to either add it or you'll walk.
 

bdancer

Member
Squatters Rights??? Could that be "homestead exemption"?

If TN has something similar, it would probably vary from county to county since that typically is where property taxes go. Check with the county where the property is located.
 

nextwife

Senior Member
I wouldn't trust this idiot mortgage broker for a minute! he probably doesn't want to close through a title company because he's trying to pull something.
 

HomeGuru

Senior Member
nextwife said:
I wouldn't trust this idiot mortgage broker for a minute! he probably doesn't want to close through a title company because he's trying to pull something.

**A: yes and that something is no title insurance and a big check for him.
 

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