Q: On new construction and paying cash (no lender financing), do I need to obtain title insurance on my new home?
A: That's the million-dollar (or whatever the title insurance will cost you) question. Is it necessary? Probably not. But notice I say "probably."
Title insurance protects a buyer from matters that are not necessarily on record. For example, several years ago, a large Virginia apartment building was sold. The buyer obtained title insurance, and collected on it when the wife of the seller announced that she did not approve the sale nor did she sign a contract or the deed itself.
