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Started By
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re: Real estate attorneys: is title insurance needed?
Posted on 1/17/14 at 4:23 pm to Broke
Posted on 1/17/14 at 4:23 pm to Broke
quote:If I was as smart as you I would have thought of doing that.
You could have told him no. You know.
The truth is he was behind me on the row above us and tapped me on the shoulder and when I turned around he said, "Are you LSURussian from TigerDroppings?" It caught me completely off guard so I answered 'yes' before I could even think about it.
After he was escorted out the people in the rows above us, who had witnessed the noisy encounter when he got in my face, all started volunteering info about how he started at the top of the section and was going down a row at a time asking each man.
I didn't know he was doing that until he tapped me on my shoulder and popped the question.
So, yeah, I could have said no but it just took me too much by surprise. If it happens again, I'm pretty sure I'll handle it differently.
This post was edited on 1/18/14 at 9:41 am
1
Posted on 1/17/14 at 4:32 pm to LSURussian
quote:
After he was escorted out the people in the rows above us, who had witnessed the noisy encounter when he got in my face, all started volunteering info about how he started at the top of the section and was going down a row at a time asking each man.
Jeesh. You gonna spill it?
Posted on 1/17/14 at 4:35 pm to Y.A. Tittle
quote:
Jeesh. You gonna spill it?
Posted on 1/17/14 at 4:37 pm to LSURussian
Who the hell was it?
Posted on 1/17/14 at 4:50 pm to Y.A. Tittle
quote:Ah, didn't think of that. Sorry.
Who the hell was it?
He doesn't post on here anymore. He hasn't posted on the Money Board since 2009. (I just searched his screen name.)
I'm not sure it serves a purpose to post his screen name. Someone might know him and tell him about it and the whole shite-storm might start all over again.
I was able to find out his real name & I researched him. I also let an admin know about the incident so they would be aware of the IRL stalking.
He's a faux-anarchist and belongs to several groups who promote really weird causes. I mean REALLY weird causes.
He makes wiki look normal.....
ETA: If you really want to know, post your email address and I'll write you and tell you his screen name.
This post was edited on 1/17/14 at 4:52 pm
Posted on 1/17/14 at 4:52 pm to LSURussian
quote:
He's a faux-anarchist
Aren't they all?
quote:
ETA: If you really want to know, post your email address and I'll write you and tell you his screen name.
Nah, no big deal. It's cool.
Posted on 1/17/14 at 5:27 pm to LSURussian
hm, I'm tempted to send you my email to find out who it was. Except I'm worried that if I do, next fall I'll be sitting in Tiger Stadium and hear from behind me some banker with a Russian accent asking each row "ARE YOU COLD COUS COUS"
Posted on 1/17/14 at 5:45 pm to Cold Cous Cous
quote:
hm, I'm tempted to send you my email to find out who it was. Except I'm worried that if I do, next fall I'll be sitting in Tiger Stadium and hear from behind me some banker with a Russian accent asking each row "ARE YOU COLD COUS COUS"
Now this is funny
Posted on 1/17/14 at 6:15 pm to Cold Cous Cous
quote:
hm, I'm tempted to send you my email to find out who it was. Except I'm worried that if I do, next fall I'll be sitting in Tiger Stadium and hear from behind me some banker with a Russian accent asking each row "ARE YOU COLD COUS COUS"
I would just ask you in Russian........comrade.
Posted on 1/17/14 at 10:51 pm to LSURussian
I never push owner's insurance. My state requires we inform the purchaser of its availability, but in all the years we've closed I've probably done ten owner's policies out of hundreds and hundreds of closings.
As for the prices and rates quoted in this thread they are much higher than the customary rates in our area. Our firm writes for 3 different companies and we have preferred commission rates based on our volume. Even then I've never seen or heard of an 80/20 split. Would love to have that rate but ours is 70/30. Maybe other states are different.
Also $700+ for a title search is ridiculous unless it's commercial property, the chain is really out of whack, or there is a lot of work needed to clear title and they bump those costs over to search fees.
As for the prices and rates quoted in this thread they are much higher than the customary rates in our area. Our firm writes for 3 different companies and we have preferred commission rates based on our volume. Even then I've never seen or heard of an 80/20 split. Would love to have that rate but ours is 70/30. Maybe other states are different.
Also $700+ for a title search is ridiculous unless it's commercial property, the chain is really out of whack, or there is a lot of work needed to clear title and they bump those costs over to search fees.
Posted on 1/18/14 at 9:40 am to Quigley
Thank you.
Posted on 1/18/14 at 10:49 am to LSURussian
I think I paid 540 when I bought my house for all the fees plus the recording charge and title insurance.
Posted on 1/18/14 at 8:11 pm to LSURussian
I know someone who paid cash for a house and did not buy title insurance. The house was built in the 90s and was on a street of about 15 houses all built about the same time. About 4or5 years ago someone claimed a fraudulent transfer from the 70s on the property and sued all the homeowner. It ended up costing a couple thousand to settle because they didn't want to risk losing their house because the claim was pretty valid.
Posted on 1/18/14 at 10:34 pm to Shaun176
The title insurance company looks at the abstract to form the policy. Title insurance has a one time premium. There are two types of policies: owner’s policy (purchase price) and lender’s policy (face amount of the loan). The title policy will agree to pay attorney fees, costs and indemnity. The purchase price may be an inadequate remedy if you put money into the house. Inflation riders increase the amount of recovery based on FMV over a period of time. Title policies are still better than looking to the prior owner or an abstractor.
There's tons of scenarios. What happens when the clerk accidentally files incorrect filings, which an ordinary title check would never catch. Aside from the unrecorded ownership claims, you can also find yourself in a situation where the property is subject to some sort of restrictive easement that goes unrecognized for years, and isnt' noticed until you decide to alter the way the property has been traditionally used. You may want to drill oil, and realize someone severed the mineral rights. Or better yet, you learn there's a restriction on heavy machinery, because of some protected endangered species that live exclusively on your land.
My opinion is that it's a questionable decision to decline title insurance....but it's an outright foolish decision if you anticipate owning the property for an extended period of time.
There's tons of scenarios. What happens when the clerk accidentally files incorrect filings, which an ordinary title check would never catch. Aside from the unrecorded ownership claims, you can also find yourself in a situation where the property is subject to some sort of restrictive easement that goes unrecognized for years, and isnt' noticed until you decide to alter the way the property has been traditionally used. You may want to drill oil, and realize someone severed the mineral rights. Or better yet, you learn there's a restriction on heavy machinery, because of some protected endangered species that live exclusively on your land.
My opinion is that it's a questionable decision to decline title insurance....but it's an outright foolish decision if you anticipate owning the property for an extended period of time.
Posted on 1/18/14 at 10:56 pm to lsuconnman
quote:
it's an outright foolish decision if you anticipate owning the property for an extended period of time.
Thanks. Call me foolish.
Posted on 1/19/14 at 10:07 am to LSURussian
I bought a house from Fannie Mae post-foreclosure (tried to get at sheriff's sale). There was a $1MM SBA lien behind the 1st mortgage and the guy had been divorced within the last five years while so having his business fail.
Fannie paid for my title policy as they wanted to choose the closing attorney. I had already had mine do an abstract when bidding at Sheriff's sale.
No telling what could come at me down the line with the shite storm the previous owner had going on.
Eta: and my first home was purchased out of succession. So I've never entered into a transaction as a buyer where I would have had any comfort not buying an owner's policy.
Not saying it couldn't happen though.
Fannie paid for my title policy as they wanted to choose the closing attorney. I had already had mine do an abstract when bidding at Sheriff's sale.
No telling what could come at me down the line with the shite storm the previous owner had going on.
Eta: and my first home was purchased out of succession. So I've never entered into a transaction as a buyer where I would have had any comfort not buying an owner's policy.
Not saying it couldn't happen though.
This post was edited on 1/19/14 at 10:11 am
Posted on 1/19/14 at 10:54 am to Tiger4Ever
It sounds like you've had some unusual circumstances with real estate purchases.
If I were faced with the two situations you described I certainly would have wanted the title insurance as well. The property we're buying has no history of issues. There is not even a current mortgage on it. It's only had one owner since it was built.
I feel like if anything comes up on the title, the odds are great it will happen within 3 years and we can then visit the closing attorney for that.
If I were faced with the two situations you described I certainly would have wanted the title insurance as well. The property we're buying has no history of issues. There is not even a current mortgage on it. It's only had one owner since it was built.
I feel like if anything comes up on the title, the odds are great it will happen within 3 years and we can then visit the closing attorney for that.
Posted on 1/19/14 at 12:10 pm to LSURussian
As far as protection goes protecting from legal action on improper sale of the property at some point.
For instance, where I bought there was a planned golf course back in the 90s. A group of people bought the property, the deal fell through and there were lawsuits involving partners and some banks. I bought the title insurance for that property.
For your situation, I'd say its probably not needed.
If the property is bought from, for instance a nasty divorce, one might want the insurance.
For instance, where I bought there was a planned golf course back in the 90s. A group of people bought the property, the deal fell through and there were lawsuits involving partners and some banks. I bought the title insurance for that property.
For your situation, I'd say its probably not needed.
If the property is bought from, for instance a nasty divorce, one might want the insurance.
Posted on 1/19/14 at 12:13 pm to LSU0358
quote:In your case, I would have done the same as you. Thanks!
For instance, where I bought there was a planned golf course back in the 90s. A group of people bought the property, the deal fell through and there were lawsuits involving partners and some banks. I bought the title insurance for that property.
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