Dear Monica: I am paying cash for a property and don’t know if I should buy title insurance as well. What is your advice?  James B.

Dear James:    There is no requirement that you have owner’s title insurance if there’s no lender requiring it,  but it is highly advisable to do so.  An owner’s title insurance policy will protect you from unexpected issues with the home’s title for as long as you own the property.  Some issues covered are property lines, the right of the previous owner to sell the property to you, liens and lawsuits that were not disclosed, and unpaid debts tied to the property.   And it’s not very expensive considering the coverage you get.

A lender would probably require you to buy lender’s title insurance, and even though you are paying cash, you should protect your own interest as well.