Is Title Insurance required for a private sale of a home?
We are refinancing our home (Long Island , New York) and and open permit showed up on the title from 60 years ago! This never came up when my parents bought the house in 1977, but it was a private sale. It also never came up in 2001 when the home was transferred over to me. I should also mention that we used the same lawyer for both transactions. I am wondering if title insurance is only required by mortgage banks or if it a legal requirement for any sale of a home.