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Posted on 7/7/26 at 7:26 pm to Neauxla_Tiger
quote:
Tile insurance is regulated and set by the state, so that will scale with the purchase price and cost the same wherever you close. Same with the courthouse fees.
I sure loved paying $4k in title insurance to refinance the mortgage on a house I had built. I originally paid ~$4k in title insurance for when it was just dirt too. I'm going to sue myself for title provenance?
Lawyers in statehouses are scum.
Posted on 7/7/26 at 7:48 pm to kayjay
quote:
You’re paying cash and are worried about closing cost?
Just wanted to know about how much so i can pull it out from where im pulling it out from
Posted on 7/8/26 at 6:11 am to LemmyLives
quote:
sure loved paying $4k in title insurance to refinance the mortgage on a house I had built. I originally paid ~$4k in title insurance for when it was just dirt too
Something is off here. You don't buy owners again on a refinance. You probably had to buy lenders TI again, but that's the cost of having to borrow money. Maybe you paid to upgrade your policy if the original one was just for a vacant lot, which makes sense... Your policy for a lot would be really underinsured once you put a nice house in it. I doubt you paid 4k in TI for just the lot tho, unless you bought waterfront in one of the nicest in-demand neighborhoods... A 50k lot is probably just a couple hundred in TI
This post was edited on 7/8/26 at 6:12 am
Posted on 7/8/26 at 7:41 am to CleverUserName
quote:
You mean the guy that actually does title work for a living?
I hate to bust the people that do that work... but it's not difficult. It's actually pretty simple.
Yeah, the rando that you palmed some cash to in exchange for a quickie, on the spot, search is going to own up to a title claim.
Does someone help you tie your shoes in the morning?
Posted on 7/8/26 at 10:33 am to Double Oh
quote:covers much more than that. It will cover for things the attorney would not be able to discover by search of the public records
So it covers if the lawyer messes up right?
-False impersonation of the true owner of the property
-Forged deed, releases or wills, Instruments executed under invalid or expired power of attorney;
-Undisclosed or missing heirs; Mistakes in recording legal documents
-Misinterpretations of wills Deeds by persons of unsound mind
-Deeds by minors
-Deeds by persons supposedly single, but in fact married
-Fraud
-Liens for unpaid estate, inheritance, income or gift taxes
This post was edited on 7/8/26 at 10:34 am
Posted on 7/8/26 at 10:45 am to Double Oh
The bulk of the closing costs will be related to the title insurance which you need to get. The insurance premium is set by law but you have to pay the abstractor and the title examiner etc.
Posted on 7/8/26 at 11:22 am to geauxpurple
Title insurance is a funny thing relative to other lines.
It is retrospective (you're insuring against past actions/events) and you only pay a one-time premium for coverage that lasts as long as you own the house.
Well worth the peace of mind unless you have specific circumstances.
It is retrospective (you're insuring against past actions/events) and you only pay a one-time premium for coverage that lasts as long as you own the house.
Well worth the peace of mind unless you have specific circumstances.
Posted on 7/8/26 at 11:46 am to wesfau
yes, like most insurance, many people think it is a grift, especially in the instance of title insurance where it is so rarely used in comparison to other types of insurance
But it is cheaper than other insurance, especially when taking into account it is paid once. The lack of value is perceived by its lack of use, but when it is used it is generally for something financially substantial and life changing. It could potentially save you hundreds of thousands of dollars
But it is cheaper than other insurance, especially when taking into account it is paid once. The lack of value is perceived by its lack of use, but when it is used it is generally for something financially substantial and life changing. It could potentially save you hundreds of thousands of dollars
Posted on 7/9/26 at 10:24 am to wesfau
quote:
Yeah, the rando that you palmed some cash to in exchange for a quickie, on the spot, search is going to own up to a title claim.
Again... I hate to diminish the appearance of title research being akin to the difficulty of chemical engineering... but it's not. I'm sorry.. but basic title research is simple on run of the mill transactions.
No matter how much someone in the industry may try to claim it necessitates a skilled and trained individual to research encumbrances against real property... it's not. If that is what you do.. sorry to bust the bubble.
Posted on 7/9/26 at 10:26 am to Double Oh
quote:
I'm doing a cash sale. What can i expect to pay on closing costs? What's the average? House is listed in the low 400s.
Subtle "I can pay for a house in cash" brag. Whether this is true or not is up for debate, since anyone can claim anything on the internet. I don't know, maybe talk to a realtor who is paid to know this?
This post was edited on 7/9/26 at 10:27 am
Posted on 7/9/26 at 10:49 am to littleavery1948
quote:
I'm doing a cash sale. What can i expect to pay on closing costs? What's the average? House is listed in the low 400s.
Subtle "I can pay for a house in cash" brag. Whether this is true or not is up for debate, since anyone can claim anything on the internet. I don't know, maybe talk to a realtor who is paid to know this?
It's not a brag. I didn't know if closing costs were different from using a bank doing the mortgage than just doing a cash sale and not going thru a bank. Going thru a bank i think the closing costs would be higher.
I was told 6% of the purchase price of the house as closing costs. I said thats too high so i asked the question here to get answers.
And there is nothing up for debate it's a cash sale. I can thank NVDA for helping me buy this house.
Posted on 7/9/26 at 10:55 am to Double Oh
Closing costs are such a scam
Posted on 7/9/26 at 11:08 am to CleverUserName
quote:
Again... I hate to diminish the appearance of title research being akin to the difficulty of chemical engineering... but it's not. I'm sorry.. but basic title research is simple on run of the mill transactions.
No matter how much someone in the industry may try to claim it necessitates a skilled and trained individual to research encumbrances against real property... it's not. If that is what you do.. sorry to bust the bubble.
You misapprehend my point. Even very skilled abstractors can make mistakes and miss crucial items that need curative work. The difference between a professional (who was paid on the settlement statement and carries E&O) and some guy in the courthouse who took $500 to search for you is that you have no chance of ever recovering anything from the rando in the courthouse.
That is why your suggestion is dangerous and misguided.
Posted on 7/9/26 at 2:07 pm to Double Oh
quote:
And there is nothing up for debate it's a cash sale. I can thank NVDA for helping me buy this house.
Congrats, I guess?
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