2006-07-10 14:58:36 · 3 answers · asked by rexrex@swbell.net 1 in Business & Finance ➔ Personal Finance
I don't think the lack of insurance would invalidate a sale unless it is contractually obligated in someway. Auctions are usually offered as is but most states require that the seller give merchantable title. If you didn't get merchantable title than you would have recourse against the seller. Otherwise, the insurance or lack of is only a added benefit and not a requirement.
2006-07-10 15:04:53 · answer #1 · answered by Sam B 4 · 0⤊ 0⤋
I wouldn't want to be the auctioneer, or the lawyer who drew up the paperwork. It would have to be a cash deaL, because lending institutions require title insurance.
2006-07-10 22:15:27 · answer #2 · answered by lighthouse 4 · 0⤊ 0⤋
You don't need title insurance to transfer ownership, however its a good idea to CYA
2006-07-10 22:05:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋