Stetson20 Posted March 24, 2017 Report Share Posted March 24, 2017 Hi all, The escrow agency that is handling my purchase has offered me title insurance at $708. Here's what they wrote: "If you would like title insurance on your new investment, the one-time premium for as long as you own the aircraft is $708.00. The premium protects the investment for many issues that could arise after we close. The three major items are the State and Federal tax liens that are not shown in the aircraft record and any claims of lien that may appear after closing. Claims of lien are against the aircraft not the owner and if anything shows up that you as the owner did not do, one call to an attorney would cost more than the insurance premium to clean up the issue. The policy provides you a legal team to handle any issues that may arise after closing. I have attached what you would be covered for as you have the choice." Feedback desired. Thank you! Quote Link to comment Share on other sites More sharing options...
bonal Posted March 24, 2017 Report Share Posted March 24, 2017 Should not be nessesary if a proper title search is done before purchase Quote Link to comment Share on other sites More sharing options...
Yetti Posted March 24, 2017 Report Share Posted March 24, 2017 Order the $15.00 CD from the FAA. As with real estate if the Title Agent is not confident enough in their work, then what the heck am I paying them for. Quote Link to comment Share on other sites More sharing options...
jaylw314 Posted March 25, 2017 Report Share Posted March 25, 2017 Of note, your financing bank may require title insurance. If they don't (mine didn't), then the title search alone is probably fine if the plane is worth less than your home. If it's worth more, I would still consider title insurance. Of course, if the plane is worth more than my home, I may have other problems upstairs... Quote Link to comment Share on other sites More sharing options...
carusoam Posted March 25, 2017 Report Share Posted March 25, 2017 (edited) My plane is worth more than my home... depending on the day... I don't recall going with that insurance... Title search had to be clean before going forward. $700 sounds like a lot of dough I would get an explanation for that... Best regards, -a- Edited March 25, 2017 by carusoam Quote Link to comment Share on other sites More sharing options...
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