There is no lender involved so obviously lender's title insurance is not applicable.

It's only a single family residence for $340,000 and I'm paying cash.

The "owner's" title insurance cost shown on the HUD settlement form, which was emailed to me this afternoon, is $1,798, which seems unreasonably high to me.

I've never bought title insurance on previous houses when I've paid cash but our closing attorney is really putting the hard sale on me, which he has never done before, and I guarantee he won't get a chance to do again.

But the closing is scheduled for Tuesday morning and with Monday being a bank holiday (MLK, Jr. birthday) I really don't want to switch closing attorneys at this late date and delay the closing.

Besides, he has already done the title search and I'm sure he would want to collect the $760 he is charging me for doing that even if I got a different closing attorney.

I'm just trying to figure out if I've been stupid all these years for not buying title insurance.

Thanks again.

This post was edited on 1/16/14 at 10:18 pm

3 ...

Report Post

Posted by rmc

Truth or Consequences

Member since Sep 2004

26574 posts

Posted on 1/16/14 at 10:24 pm to LSURussian

quote:
Thanks again.

No problem at all.

He wants to collect that owners title because he isn't getting any lenders. For title attorneys, the gravy is the commission. 95% of our closings have a lender attached and so there is usually not a hard sale on owner's.

As far as him wanting to collect that $760 - possibly. Some do and some don't. If a closing falls through usually there are enough other people involved that you don't want to upset (realtors, originators, etc) that you just let it go. At least that is our practice.

Next time you have a transaction let me know. We will take care of you in the BR area and won't put the hard sale on you.

This post was edited on 1/16/14 at 10:26 pm

1 ...

Report Post

Posted by NEWBIE

Member since Jun 2008

196 posts

Posted on 1/16/14 at 10:27 pm to LSURussian

quote:
and I guarantee he won't get a chance to do again.

You will not bring your future real estate business to the attorney because he is trying to sell you an owner's policy?

Hope this doesn't come across the wrong way. Just curious as to why you made that decision. I would just tell them I do not want the policy.

Now, if he continued to push I would completely understand.

Did his office provide good service otherwise?

This post was edited on 1/16/14 at 10:30 pm

1 ...

Report Post

Posted by TigerAlum1982