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Started By
Message
re: Owner's Title Insurance when Buying a House
Posted on 6/7/17 at 4:11 pm to bleedpurplengold
Posted on 6/7/17 at 4:11 pm to bleedpurplengold
and fwiw, this is the crux of title insurance to me and why even if I were confident in my title attorney I would get it anyway
quote:
What About Hidden Title Risks?
The title to the property that you have purchased could be seriously threatened or lost completely by hazards which are considered "hidden risks." "Hidden Risks" are those matters, rights or claims that are not shown by the public records and, therefore, are not discoverable by a search and examination of those public records. Matters such as forgery, incompetency or incapacity of the parties, fraudulent impersonation, and unknown errors in the records are examples of "hidden risks" which could provide a basis for a claim after you have purchased the property. The policies issued by Fidelity National Title protect you against many of these “hidden risks.”
This post was edited on 6/7/17 at 4:11 pm
0
Posted on 6/7/17 at 4:14 pm to mikelbr
quote:Thes succession/judgment possession/donations should all be recorded in the public records of the parish the property sits
That's what happened in the example I gave. A title search would have done no good.
If they aren't, the title company should request such documents and record them with the closing docs
They should never close without fully executed documents showing that the seller is full owner. If they aren't recorded or the seller can't provide the docs, then do not close
if there is a succession with children, you will need a will or donation/quitclaim where the kid gives their interest to the widow if widow wants full and sole authority to sell
This post was edited on 6/7/17 at 4:16 pm
Posted on 6/7/17 at 4:35 pm to ThePoo
What about if you build the home?
Posted on 6/7/17 at 4:43 pm to kjntgr
quote:
What about if you build the home?
The risk is lessened, but there could still be issues with the title on the land itself.
The excerpt ThePoo posted above is very succinct. Some stuff you, nor the title attorney, would never know until someone shows up on your doorstep claiming they have an ownership interest. There's no way for the title attorney to determine a signature on a sale from 15 years ago was fraudulent.
Posted on 6/7/17 at 4:43 pm to kjntgr
Title to the dirt it sits on could be clouded.
Posted on 6/7/17 at 4:45 pm to ThePoo
quote:
I am a title//closing attorney
2/3 of premium goes to Title agent
Posted on 6/7/17 at 4:46 pm to Chad504boy
quote:
why can't you folks make modest commission off of these policies like the rest of us folk?
6% of sale price for less work and liability incurred by title agent.
Posted on 6/7/17 at 4:47 pm to kjntgr
still get of for two reasons mainly:
1) title insurance is not just insuring the construction but also the land the construction is built on, which could have had several owners
2) unrecorded construction liens, builders not paying subcontractors, contracting can be a shady business
1) title insurance is not just insuring the construction but also the land the construction is built on, which could have had several owners
2) unrecorded construction liens, builders not paying subcontractors, contracting can be a shady business
Posted on 6/7/17 at 5:01 pm to bleedpurplengold
Same question as any insurance......
Can you afford not to have it if shite goes bad?
Can you afford not to have it if shite goes bad?
Posted on 6/7/17 at 5:02 pm to ThePoo
(no message)
This post was edited on 7/23/17 at 11:06 pm
Posted on 6/7/17 at 5:04 pm to bigblake
Well yeah, insurance companies (no matter the insurance) like most companies are not in the business of losing money
No one needs insurance until they need it
Like any insurance, of you don't need to use it, it is a negative net gain
No one needs insurance until they need it
Like any insurance, of you don't need to use it, it is a negative net gain
This post was edited on 6/7/17 at 5:08 pm
Posted on 6/7/17 at 5:05 pm to rmc
quote:
Where you in OB this weekend for the conference?
I was there! Back right corner for the win!
Posted on 6/7/17 at 5:08 pm to ThePoo
(no message)
This post was edited on 7/23/17 at 11:06 pm
Posted on 6/7/17 at 5:10 pm to bigblake
Well other insurance in Louisiana is twice as much yearly as title insurance is for a one time payment
Your argument would be more valid if you didn't have to pay a home or auto insurance premium every year
Barring a catostrophic claims, if you come out -$600 on auto insurance and home insurance over he life of your payments to the company (like your math suggests for title insurance) you are coming out pretty good imo
Your argument would be more valid if you didn't have to pay a home or auto insurance premium every year
Barring a catostrophic claims, if you come out -$600 on auto insurance and home insurance over he life of your payments to the company (like your math suggests for title insurance) you are coming out pretty good imo
This post was edited on 6/7/17 at 5:15 pm
Posted on 6/7/17 at 5:18 pm to ThePoo
(no message)
This post was edited on 7/23/17 at 11:06 pm
Posted on 6/7/17 at 5:21 pm to bigblake
I'm in the insurance industry too, multiple lines
Property and casualty risk is significantly higher, thus you pay many many thousands of dollars more into that pot than you do for title insurance
Property and casualty risk is significantly higher, thus you pay many many thousands of dollars more into that pot than you do for title insurance
This post was edited on 6/7/17 at 5:22 pm
Posted on 6/7/17 at 5:25 pm to ThePoo
(no message)
This post was edited on 7/23/17 at 11:07 pm
Posted on 6/7/17 at 5:30 pm to bigblake
I mean let's the average Louisianian pays $3000 a year in home and auto insurance over the course of 40-50 years of car and home ownership you are laying between $120000-$150000 in property and casualty insurance premium
What percentage of insureds do you think recover that in payouts? I would assume property and casualty companies are making far more than $600 per insured on average
What percentage of insureds do you think recover that in payouts? I would assume property and casualty companies are making far more than $600 per insured on average
Posted on 6/7/17 at 5:39 pm to ThePoo
(no message)
This post was edited on 7/23/17 at 11:06 pm
Posted on 6/7/17 at 5:40 pm to TigerDeacon
Wish I had known that. I was front right. Had to get close to the power outlet for laptop charge.
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