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#1398137 - 06/01/10 04:25 PM Owner's Insurance on Purchase Loans
jme3 Offline
Member
Joined: Jul 2008
Posts: 67
Illinois
Does anyone know if the State of Illinois requires that there be Owner's Insurance on purchase loans? Also if so, where can I find this information?

Thanks

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#1398475 - 06/02/10 01:52 PM Re: Owner's Insurance on Purchase Loans jme3
MyBrainHurts Offline
Platinum Poster
Joined: Feb 2010
Posts: 960
Illinois
I assume you mean owner's title insurance. I know of no requirement, although it's madness not to obtain one, especially since in Illinois, the seller customarily pays for it.

If there were any law, it would be in the Title Insurance Act, 215 ICLS 155.
_________________________
I thought getting old would take longer.

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#1398512 - 06/02/10 02:42 PM Re: Owner's Insurance on Purchase Loans MyBrainHurts
jme3 Offline
Member
Joined: Jul 2008
Posts: 67
Illinois
Thank you, I'm going to keep looking, as you said, it is madness not to have it. Especially since it is required to be on the GFE regardless if we have it or not on purchase transactions.

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