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Started By
Message
re: Real estate attorneys: is title insurance needed?
Posted on 1/17/14 at 1:25 pm to LSURussian
Posted on 1/17/14 at 1:25 pm to LSURussian
quote:
That was my first hint that the risk of loss by them must be pretty low.
The risk of total loss is relatively low. The risk of any loss however is a lot higher. Lets say somewhere down the line some a-hole sues you saying that he actually owns a small undivided interest of that property. Even if he is wrong and totally lying, you still have to answer that suit and pay a lawyer to get it thrown out. Title insurance pays your legal fees.
The possibilities are endless, and I don't have time right now to explain them. I tell people that in some cases, you don't need owner's title insurance. But in many cases, it is worth it to have peace of mind for the small one time premium. More applicable to land purchases. Will respond more in depth later if I can
This post was edited on 1/17/14 at 1:25 pm
2
Posted on 1/17/14 at 1:32 pm to Bear Is Dead
A good deal of title insurance is actually underwritten by the attornies themselves. My real estate attorney actually writes his own. Basically it is buy the insurance and the closing fee is this or don't buy it and the closing fee is this.
I have never asked him for his financial statement to see if he could back it up or not. Probably should. I know him to be fairly well off.
I don't know why a certificate of insurance from the attorney's liability carrier naming you an additional insured would not suffice. There may be a reason. I don't know.
I have never asked him for his financial statement to see if he could back it up or not. Probably should. I know him to be fairly well off.
I don't know why a certificate of insurance from the attorney's liability carrier naming you an additional insured would not suffice. There may be a reason. I don't know.
This post was edited on 1/17/14 at 1:33 pm
Posted on 1/17/14 at 1:34 pm to Bear Is Dead
quote:The house has been on that property for almost 25 years. It's a corner lot so there are only neighbors on one side and to the rear. Both of those property owners have lived in their houses for more than 10 years.
Lets say somewhere down the line some a-hole sues you saying that he actually owns a small undivided interest of that property.
I think the risk that one of them suddenly decides after all this time that their property extends over onto what we think is our property is pretty remote. I guess it's a risk I'm willing to self-insure against rather than pay $1,300+ sales commission to an attorney for an insurance policy.
If someone other than a neighbor shows up making the claim, I'll get a good lawyer and counter sue him for the legal expenses....if I win against his original claim. Or, I'll just kill him and make it look like an accident.
But I would appreciate any other examples you can provide where we would be at risk without a title insurance policy. Thanks for taking your time to respond.
Posted on 1/17/14 at 2:03 pm to LSURussian
You'll have a better shot at killing the guy and getting away with it than suing to recover your legal expenses , just sayin'.
Posted on 1/17/14 at 2:18 pm to OTIS2
quote:Good to know. Thanks for the heads up.
You'll have a better shot at killing the guy and getting away with it than suing to recover your legal expenses ,
Posted on 1/17/14 at 2:31 pm to LSURussian
I would just like to point out that balla arse ballas pay cash for a $340,000 home. That is all I have to say about that.
Posted on 1/17/14 at 2:45 pm to Broke
BBBBBAAAAAAAALLLLLLLLLLAAAAAAAAAAAAAAA
Posted on 1/17/14 at 2:51 pm to Broke
quote:
I would just like to point out that balla arse ballas pay cash for a $340,000 home. That is all I have to say about that.
And I don't even get to live in it!
Posted on 1/17/14 at 2:52 pm to LSURussian
Wait what?
Posted on 1/17/14 at 2:52 pm to Broke
quote:
Wait what?
SugarDaddy
Posted on 1/17/14 at 2:54 pm to Y.A. Tittle
quote:
Wait what?
SugarDaddy
You got the 'daddy' part right.
Posted on 1/17/14 at 2:54 pm to LSURussian
quote:
You got the 'daddy' part right.
For a kid? Good God man how old are you?
Posted on 1/17/14 at 2:57 pm to Broke
Old enough to have a child who wants to own their first house. 
Posted on 1/17/14 at 2:58 pm to LSURussian
I thought you were like 35. Holy shitballs
Posted on 1/17/14 at 2:59 pm to Broke
And it must be a daughter. No son is ever getting a house from me
Posted on 1/17/14 at 3:04 pm to Broke
quote:
And it must be a daughter. No son is ever getting a house from me
Posted on 1/17/14 at 3:15 pm to Broke
quote:I am. You guessed it exactly!!!
I thought you were like 35.
Well, except for the number thingy part.....
Posted on 1/17/14 at 3:20 pm to LSURussian
I'm not asking anymore questions you evasive jackass.
Posted on 1/17/14 at 4:04 pm to Broke
quote:That's "Mr." Jackass to you, knave.
I'm not asking anymore questions you evasive jackass.
I try not to disclose too much personal info which might allow someone reading this board to identify me.
I learned that lesson several years ago when I put my season tickets section number in the old Alex Box Stadium when someone asked me on the Rant where I sat. I didn't include my row or seat numbers, just the section in the grandstand.
One game early one season a nutcase stalker from the Poli Board went through our section asking every man if he was "LSURussian from TigerDroppings?"
I told him it was me and he got in my face wanting to duke it out just because he disagreed with some political position I wrote about on the Poli Board. I had to motion for security to come take him out. But it creeped my wife and me out.
Thus my reluctance to give out too much indentifying personal information. I'd be fine with you knowing about me, but you just never know who else might lurk and read this board who I would NOT want to know who I am.
This post was edited on 1/17/14 at 4:06 pm
Posted on 1/17/14 at 4:10 pm to LSURussian
You could have told him no. You know.
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