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Message
Why you buy title insurance
Posted on 8/21/15 at 8:46 am
Posted on 8/21/15 at 8:46 am
LINK
There was a thread on here a while back with someone asking about not having to buy title insurance. This is why you buy it. Stuff happens.
There was a thread on here a while back with someone asking about not having to buy title insurance. This is why you buy it. Stuff happens.
5
Posted on 8/21/15 at 8:55 am to LSUFanHouston
It's a one time fee for as long as you live in the house also. I know a lot of posters don't believe in it on here but I think it's crazy to not spend the little bit extra with the kind of money you are putting on the house.
Posted on 8/21/15 at 8:57 am to LSUFanHouston
quote:
The Smiths paid $1,324 for a title insurance policy to protect them against just such a scenario. But they're still awaiting it to pay off so they can settle in.
did they buy a bad policy? shouldn't the insurance pay the $86,000 ASAP?
Posted on 8/21/15 at 9:01 am to LSU1018
quote:
I know a lot of posters don't believe in it on here
I've got it on all of my properties.
Posted on 8/21/15 at 9:09 am to Fat Bastard
Seller is paying closing. I'd be stupid not to
Posted on 8/21/15 at 9:15 am to LSUFanHouston
I wish I could get my clients to buy a product from me (at a huge profit margin for me), which will be utilized only in case I screw up on my work for them, and that does little more for them but insure they won't sue me for my screw up.
It's a beautiful racket.
It's a beautiful racket.
Posted on 8/21/15 at 9:39 am to Y.A. Tittle
It really is
Posted on 8/21/15 at 9:44 am to Sandy_Ash
quote:
did they buy a bad policy? shouldn't the insurance pay the $86,000 ASAP?
My guess is they are probably negotiating the amount down, but yes, the title insurance will pay.
The article also said they would pay for the family to stay at a hotel until it is resolved.
Posted on 8/21/15 at 9:56 am to Y.A. Tittle
Exactly
ETA: Just like insurance on USPS, UPS, etc. Pay extra to make sure they do the job that you already paid for.
ETA: Just like insurance on USPS, UPS, etc. Pay extra to make sure they do the job that you already paid for.
This post was edited on 8/21/15 at 9:57 am
Posted on 8/21/15 at 10:05 am to Y.A. Tittle
quote:
I wish I could get my clients to buy a product from me (at a huge profit margin for me), which will be utilized only in case I screw up on my work for them, and that does little more for them but insure they won't sue me for my screw up.
My fear is more about the clerks office filing something wrong where something can be missed by the title company.
Posted on 8/21/15 at 12:21 pm to LSU1018
quote:
My fear is more about the clerks office filing something wrong where something can be missed by the title company.
Makes me wonder how those bona fide purchaser rules I had to learn for the bar actually work in real life.
I imagine the "without notice" aspect gets a lot of litigation.
Posted on 8/21/15 at 4:20 pm to LSU1018
quote:
It's a one time fee for as long as you live in the house also.
My thoughts exactly. My last two rentals I thought about not buying it because it seems like such a longshot that it will come in to play. But a 1 time fee is too cheap not to pay. You know most title attorneys probably sleepwalk through abstracts.
Posted on 8/21/15 at 8:14 pm to LSU1018
quote:
t's a one time fee for as long as the title company is in business
FIFY
Posted on 8/21/15 at 9:02 pm to Ice Cream Sammich
$600 for a 100k house isn't much of a gamble.
Posted on 8/21/15 at 10:07 pm to Ice Cream Sammich
quote:
as long as the title company is in business
Title company has no impact on the title insurance.
Now if you are concerned about the Title Insurance company going out of business- yes that could come in to play. That is why you should only buy from a reputable title insurance company. - Chicago, Fidelity, First American, etc.
This post was edited on 8/21/15 at 10:08 pm
Posted on 8/22/15 at 7:32 am to NEWBIE
What newbie said... The actual Title Company doesn't still have to be in business bc the majority are just writing the policy through a major underwriter such as Fidelity or Chicago.
Posted on 8/23/15 at 11:02 am to Ice Cream Sammich
quote:
Just like insurance on USPS, UPS, etc. Pay extra to make sure they do the job that you already paid for.
yeah losing a package compares to title screw up expenses and time and trouble.
LINK
Posted on 8/24/15 at 8:44 am to LSUFanHouston
The foreclosure sale should've wiped out any liens. If the water utility wanted their lien paid they should've been at the auction.
Posted on 8/24/15 at 1:56 pm to LSUFanHouston
I don't think to buy or not buy is black and white. If it's piece of property is an older city, like New Orleans, where the parcel has turned over many times, passed down from generation to generation, there is a higher probability of a clouded title.
If the parcel hasn't changed hands that often, and the seller has a mortgage (which means the seller had to get insurance), I feel much more comfortable not getting Title Insurance.
If you're in a new development, and hundreds of homes around you have sold with no evidence of title problems, I'd be inclined not to buy title insurance.
If the parcel hasn't changed hands that often, and the seller has a mortgage (which means the seller had to get insurance), I feel much more comfortable not getting Title Insurance.
If you're in a new development, and hundreds of homes around you have sold with no evidence of title problems, I'd be inclined not to buy title insurance.
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