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Started By
Message
re: Owner's Title Insurance when Buying a House
Posted on 6/7/17 at 3:41 pm to bleedpurplengold
Posted on 6/7/17 at 3:41 pm to bleedpurplengold
2
Posted on 6/7/17 at 3:43 pm to ThePoo
quote:
ThePoo
Where you in OB this weekend for the conference?
Posted on 6/7/17 at 3:43 pm to ThePoo
quote:
Fwiw, commission can often be negotiated between title company and underwriter, If you become valuable to them in amount of closings you have more leverage obviously in these negotiations
This. I think it is a misconception that the attorney receives the full premium for the policy when it is normally split between the underwriter and attorney in various amounts.
Posted on 6/7/17 at 3:43 pm to SlowFlowPro
quote:yes, in the grand scheme of your loan and purchase, this $750 is not the thing you want to nickel and dime during the closing process
it's like buying a $1500 tv and using a $5 surge protector. just insanity
Posted on 6/7/17 at 3:43 pm to ThePoo
Had a friend in a similar situation. "Clean title" per closing attorney with no issues. He elected not to buy the policy. He starts to build six moths later and adjoining land owner raises an issue regarding a servitude that was supposedly moved. Paid 10k out of pocket in litigation fees and gave up some land to resolve it. Seller was essentially insolvent and closing attorney had no insurance. 750$ is for peace of mind and a drop compared to what you may to unexpectedly encounter.
Posted on 6/7/17 at 3:45 pm to rmc
I was not actually
Posted on 6/7/17 at 3:48 pm to TigerDeacon
quote:
Plus, you are also protecting yourself from errors on the part of the closing attorney in checking title.
It's awesome getting clients willing to pay extra to insure against your malpractice, ain't it?
Posted on 6/7/17 at 3:49 pm to bleedpurplengold
I always get it if I dont know the history on the house and I glad I did one time. I had it on one of my houses when I bought it and the purchase went just fine. However, when I went to sell the house 3 years later they found an old lien from the previous owner (from a nasty divorce) and the title insurance company and not me had to pay $14,000 because I had the insurance. They, the insurance company, didn't want to pay but they ended had to because he obviously didn't do his work on the front end.
This post was edited on 6/7/17 at 3:51 pm
Posted on 6/7/17 at 3:53 pm to Y.A. Tittle
So you don't know what title insurance is I'm assuming
Posted on 6/7/17 at 3:53 pm to Crow Pie
Guess I probably need to get it. I know the previous owners, but I also know the people they bought it from went bankrupt or something. Awesome house, but I guess you just never know.
Posted on 6/7/17 at 3:55 pm to bleedpurplengold
I think the real lesson we can take away from today is that there are a shite ton of title attorneys on the OT.
This might be the one time somebody came to the OT for the right advice.
This might be the one time somebody came to the OT for the right advice.
Posted on 6/7/17 at 3:57 pm to Y.A. Tittle
quote:
It's awesome getting clients willing to pay extra to insure against your malpractice, ain't it?
Come on, Tittle. You're smarter than this.
It has NOTHING to do with the Title attorneys nor the CURRENT transaction.
This post was edited on 6/7/17 at 4:09 pm
Posted on 6/7/17 at 3:57 pm to bleedpurplengold
well if it was foreclosed on there is a good chance that the property is totally clear (other than current owners mortgage and any liens or judgments on them) and in almost all instances a good title search is accurate
however there always a possible threat of undiscoverable hazards, this is why saying its main purpose is to protect you against "title attorney" error is disingenuous
Get the policy, it will not make or break you and feel good about the fact that you will probably never have to use it, but it will be there if you do
however there always a possible threat of undiscoverable hazards, this is why saying its main purpose is to protect you against "title attorney" error is disingenuous
Get the policy, it will not make or break you and feel good about the fact that you will probably never have to use it, but it will be there if you do
This post was edited on 6/7/17 at 3:59 pm
Posted on 6/7/17 at 3:58 pm to bleedpurplengold
quote:Yeah I think my situation was the transaction from the previous owners didn't catch up to the sale of the house before I bought it. Don't know for sure but I do know I wasn't going to be able to sell that house till the 14K problem was cleared up.
Guess I probably need to get it. I know the previous owners, but I also know the people they bought it from went bankrupt or something. Awesome house, but I guess you just never know.
Fwiw..the lady who bought the house tried to sue me 2 years later because one of the trees in the backyard died and she said i should have told her it was dead.!!
This post was edited on 6/7/17 at 3:59 pm
Posted on 6/7/17 at 3:58 pm to bleedpurplengold
Don't get it but have a good lawyer in your back pocket.
Posted on 6/7/17 at 4:00 pm to ThePoo
quote:
So you don't know what title insurance is I'm assuming
Yeah, you got me.
I'm just screwing with Deacon.
Posted on 6/7/17 at 4:04 pm to mikelbr
quote:well to be fair, title company shouldn't close on this without the succession paper
MY gf just gave me an example to share like others have that a mans sons from a prior marriage came back to bite the buyer of a house his widow sold after he was long gone. Why? Because his kid didn't sign the deal selling off his inheritance.
work/donation-quitclaim/judgment of possession ..something lol
that should've never closed if I am reading this correctly
Posted on 6/7/17 at 4:04 pm to bleedpurplengold
Even if the insurance piece of it is shite, it is good to have a professional title search done prior to putting out money on the place. I've been involved with deals where a long lost uncle still had 1/8th interest in a property and wouldn't sign it over.
Posted on 6/7/17 at 4:08 pm to ConfusedHawgInMO
ALWAYS get a abstract/title search done...even if you are paying straight cash with no lender or requirements
If there is a lender, you at minimum will be required to get lenders title insurance, which will require the abstract/title search
If there is a lender, you at minimum will be required to get lenders title insurance, which will require the abstract/title search
Posted on 6/7/17 at 4:10 pm to ThePoo
quote:
well to be fair, title company shouldn't close on this without the succession paper
work/donation-quitclaim/judgment of possession ..something lol
quote:
I've been involved with deals where a long lost uncle still had 1/8th interest in a property and wouldn't sign it over.
That's what happened in the example I gave. A title search would have done no good.
Correct. But that's the nature of the entire concept. One company doesn't handle a property from it's first transaction to it's last.
OP, get the inshoance.
This post was edited on 6/7/17 at 4:11 pm
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