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Started By
Message
Title insurance--is it a good buy?
Posted on 3/13/14 at 8:12 am
Posted on 3/13/14 at 8:12 am
Buying a camp for cash but there is a questionable servitude attached. The closing title attorneys have performed a title examination. Is title insurance necessary or if there is a problem, would the title attorney be liable?
In a hurry and don't have time to research. Was hoping someone here knew off hand.
In a hurry and don't have time to research. Was hoping someone here knew off hand.
4
Posted on 3/13/14 at 9:13 am to Motorboat
A title attorney is liable for their title opinion for three years.
What do you mean questionable servitude? If the attorney is aware if it, it has most likely been recorded and should state exactly what it is.
In regards to title insurance, it's about your risk tolerance. To me, a relatively small premium to protect me against any claims to the property as long as I own it is worth it.
What do you mean questionable servitude? If the attorney is aware if it, it has most likely been recorded and should state exactly what it is.
In regards to title insurance, it's about your risk tolerance. To me, a relatively small premium to protect me against any claims to the property as long as I own it is worth it.
Posted on 3/13/14 at 9:21 am to Motorboat
buy it for the peace of mind it provids. what are we talking in cost 500-700 tops..
Posted on 3/13/14 at 9:22 am to Motorboat
Would you be willing to pay $500 one time to ensure the property that you're paying much more for is actually yours and nobody else's? If so, then yes, it's worth it. I think anyone who doesn't buy it is a fool.
Posted on 3/13/14 at 9:28 am to Motorboat
Title insurance is a way for closing attorneys to increase their fees without doing any extra work.
Look at the disclosure form. The amount you pay for TI is split between the insurance company and the closing attorney. The insurance company gets around 20% for providing the actual insurance. The closing attorney gets the other 80% as a form of sales commission.
TI is required by most mortgage lenders (no skin off their nose, the borrower pays the premium), but when I pay cash for real estate, I never buy the legal scam that is TI.
Look at the disclosure form. The amount you pay for TI is split between the insurance company and the closing attorney. The insurance company gets around 20% for providing the actual insurance. The closing attorney gets the other 80% as a form of sales commission.
TI is required by most mortgage lenders (no skin off their nose, the borrower pays the premium), but when I pay cash for real estate, I never buy the legal scam that is TI.
Posted on 3/13/14 at 9:33 am to LSURussian
quote:yep...
Title insurance is a way for closing attorneys to increase their fees without doing any extra work.
attorneys need to just do their job correctly and have confidence the title is clean
Posted on 3/13/14 at 9:39 am to Ford Frenzy
quote:
attorneys need to just do their job correctly and have confidence the title is clean
That's why malpractice is 3 years in Louisiana. Good luck if there was a forgery or some other fraud, children not claimed in a succession, etc. Some stuff can't be seen on the face of documents.
Posted on 3/13/14 at 9:42 am to Ford Frenzy
If you plan to own the property for a long period of time, I would buy it for peace of mind. There are certain things that a title company wouldn't be able to detect if something was filed wrong. If you don't plan to own the place long, I probably wouldn't get it.
Posted on 3/13/14 at 10:17 am to NEWBIE
quote:
What do you mean questionable servitude?
there was servitude that was litigated over a few years back and the judgment rendered is a little iffy. The servitude extends to a property across the street and it is "gray" whether it is predial or personal. the servitude is not very valuable, but if there are problems, I would guess they would be hashed out over the next three years.
It's fricky I know, but it is what it is and it s camp not a house and its a minor servitude of passage, not anything major.
Posted on 3/13/14 at 11:28 am to LSU1018
quote:
There are certain things that a title company wouldn't be able to detect if something was filed wrong
LA's public records doctrine provides some protection for non-filed or improperly filed instruments affecting title. not that it wouldn't be litigious (ie expensive) if there were such an issue. for a camp house w/ only a possible servitude of passage, i wouldn't sweat it, but it's all about whether you will have peace of mind.
Posted on 3/13/14 at 11:43 am to Ford Frenzy
quote:
attorneys need to just do their job correctly and have confidence the title is clean
How are they ever to know that there is a missing heir to the property? Are attys supposed to know everyone in the Jones, smith, brown, Jefferson fambly tree?
Posted on 3/13/14 at 11:44 am to LSURussian
quote:
LSURussian
quote:
I never buy the legal scam that is TI
You were on here last month asking the board what it protects. Is this a month long conviction?
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