In 2001, Frank Garcia, a single man, conveys by warranty deed his property located at Lot 10, Block 5 in the Northern Subdivision to Angela Smith, a single woman. Angela Smith pays cash in the amount of $150,000 for the property. Since the purchase was an all-cash transaction, was a policy of title insurance or a lawyer's title opinion required in this purchase? If not, what would you recommend?
No, a policy of title insurance is not required, but it is recommended.
Yes, a policy of title insurance is required for an all-cash transaction.
No, a policy of title insurance is not required and not recommended.
No, a policy of title insurance is not required and a title search would be enough.