Please forgive my ignorance on this topic, I tried to use the search feature to find this information, but didn't see it.
I am in the process of buying my first home. It is a condo about 10 years old and the person who I'm buying it from has had it since it was new. So I need to figure out if I want to buy title insurance. In this case, it feels like there is a low risk of anything going wrong. It's not being bought at a short sale or an auction, hasn't changed hands a lot etc. Are there other things that I should take into account when making this decision?
Also, it is my understanding that the title company should check to see if there are any liens or anything like that on the title, so I'd basically be paying for insurance in case they mess up, which doesn't feel right. Maybe I'm overlooking something here though.