- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Title insurance--do I need it?
Posted on 11/4/14 at 8:44 am
Posted on 11/4/14 at 8:44 am
Closing on a house in a few weeks. I have the option to buy title insurance in case some long lost heir shows up ten years from now and makes a claim on the house.
Is this like " undercoating" or "dealer prep" in car terminology?
Is this like " undercoating" or "dealer prep" in car terminology?
24
Posted on 11/4/14 at 8:47 am to Sparky36
I would recommend it. In the grand scheme of things, a few hundred bucks should be worth the extra peace of mind.
Posted on 11/4/14 at 8:49 am to Sparky36
It's like protection from title defects. Rare events but they do happen.
Posted on 11/4/14 at 9:16 am to Sparky36
Saw a guy lose a recently bought house a couple of weeks ago when it was revealed that the title examiner had missed a tax sale from 5 years back...Imagine his suprise when the Probate Judge deeded his property to the Tax sale purchaser.... he was glad he had purchased title insurance. Although this is indeed rare, it does happen.
This post was edited on 11/4/14 at 9:18 am
Posted on 11/4/14 at 9:18 am to Sparky36
You need it.
Posted on 11/4/14 at 9:19 am to Sparky36
Just recently refinanced and had skipped it. I think it was around $2xx.
Posted on 11/4/14 at 9:22 am to Sparky36
Depends on the property. It can save you some serious coin if a defect shows up after the 3 year malpractice peremption period.
Posted on 11/4/14 at 9:31 am to mattloc
quote:
Saw a guy lose a recently bought house a couple of weeks ago when it was revealed that the title examiner had missed a tax sale from 5 years back...
Sometimes things don't show up in a title exam or clerks have it recorded incorrectly. shite happens. Hence, the need for title insurance.
Posted on 11/4/14 at 9:38 am to DVA Tailgater
Everything in our county is on computer back to the 1960's except the tax sales. The tax sale book is a innocent looking book that lays on a counter by itself and that book is one sorry and confused jumble of info. Whats dangerous about it is that it takes about 4 years to get a deed from the probate judge, and by that time it is too late to do anything about it
This post was edited on 11/4/14 at 9:40 am
Posted on 11/4/14 at 10:04 am to mattloc
It's worth it especially if you are planning on staying in the house a few years. If you have ever been in the clerks office, I am not betting my house on them doing their job correctly.
Posted on 11/4/14 at 10:07 am to Sparky36
You will (should) be offered two types.
One type (cheaper) pays off the lender in the event of a defect or problem with the title.
The second type (more expensive) pays off the lender and protects your equity.
IMO, you should buy the second type.
Review this carefully and be sure you n=understand the purchase.
One type (cheaper) pays off the lender in the event of a defect or problem with the title.
The second type (more expensive) pays off the lender and protects your equity.
IMO, you should buy the second type.
Review this carefully and be sure you n=understand the purchase.
Posted on 11/4/14 at 10:08 am to Sparky36
yes, you need it.
Posted on 11/4/14 at 10:09 am to Sparky36
You absolutely need it. Attorneys make mistakes in title opinions.
Posted on 11/4/14 at 10:11 am to DVA Tailgater
quote:
I would recommend it. In the grand scheme of things, a few hundred bucks should be worth the extra peace of mind.
Posted on 11/4/14 at 10:12 am to Sparky36
Hell yes you need it
Posted on 11/4/14 at 10:17 am to prplhze2000
yes. do it. cheaper than dealing with a problem.
Posted on 11/4/14 at 10:20 am to Sparky36
ALL insurance is a scam. Avoid at all cost and always get the cheapest available, only when absolutely necessary.
Posted on 11/4/14 at 10:21 am to prplhze2000
Had a HUGE title issue with my home when I bought it from my MIL's estate. Completely incompetent "family attorney" (who was also handling the Estate) had done the Title Work to subdivide the property some time back. The other part of the property was subsequently purchased by a third party. My attorney (an actual real estate guy) finds out the division wasn't legally filed and my new house basically belonged to this other dude. Lucky for me he is a cool as hell neighbor and signed a Quit Claim for my place.
Kicker is the POS estate attorney actually billed me for his time to go back and correct his prior frick up.
Get the insurance.
Kicker is the POS estate attorney actually billed me for his time to go back and correct his prior frick up.
Get the insurance.
Posted on 11/4/14 at 10:24 am to jbgleason
quote:
Lucky for me he is a cool as hell neighbor and signed a Quit Claim for my place.
Holy crap, what a damn mess.
Lucky is right. Most people are a-holes in this situation.
Posted on 11/4/14 at 10:26 am to VetteGuy
My attorney actually suggested I approach the neighbor in lieu of rolling in with a lawyer. I went over with the legal papers and a nice bottle of bourbon. I was legit nervous as frick.
Page 1 of 3
Back to top
Follow TigerDroppings for LSU Football News