Yes, absolutely. A mortgage holder will require title insurance, but title insurance also protects you as the owner of the property. One of the most common risks is a defective title, or what is sometimes called a “cloud” on the title.
There can be many reasons for a defective title, but one of the more common ones is a previous mortgage or lien on the property that wasn’t satisfied properly. Without a title search, you may not find out about these liens until after you have purchased the property. Without title insurance, you would most likely be held responsible for satisfying the liens. Protect your interests, and purchase title insurance even if you are not taking out a mortgage on the property.
[Photo Credit Flickr: Nicholas_T CC license]