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re: Title insurance on a lot purchase necessary?
Posted on 9/6/18 at 8:10 am to gsvar2004
Posted on 9/6/18 at 8:10 am to gsvar2004
quote:
As far as I can see it’s only been owned by 2 people ever, before that the land was govt land
You in Louisiana? It’s feasible for it to have 3 different government patents, Spanish, French, and American. Just pay up and don’t worry about it.
0
Posted on 9/6/18 at 8:11 am to gsvar2004
This falls into the category of “I’d rather have it and not need it than the other way around.”
A few hundred bucks can save you thousands in legal fees should it ever be in dispute.
A few hundred bucks can save you thousands in legal fees should it ever be in dispute.
Posted on 9/6/18 at 8:25 am to gsvar2004
It sounds low risk but you never know what is in the mortgage and conveyance records, or what can show up before your conveyance instrument is recorded. I've seen judgments recorded a few minutes ahead of a sale documents. Being vacant rural land with no improvements and only a few links in the ownership chain, I can't imagine the title insurance will be very expensive. Assuming the cost is low, its worth the protection.
Posted on 9/6/18 at 8:36 am to gsvar2004
We had a situation where a guy inherited land. Several years later after it had been sold a couple of times, someone noticed he was referred to as junior in the judgment of possession when he wasn't a junior, and furthermore his middle name was wrong. It took a couple of affidavits and an amended judgment of possession to clear things up. This is the kind of shite that can happen.
Posted on 9/6/18 at 8:49 am to gsvar2004
I'm repping/defending a client now that didn't get title insurance on real property he purchased years ago. A suit was filed against him in St. Tammany.
Get the title insurance.
Get the title insurance.
Posted on 9/6/18 at 9:23 am to Twenty 49
quote:
It's not necessary, but neither is health insurance. Title insurance is relatively cheap. Get it.
The best lawyers and title checks in the world can't prevent some nut from showing up and filing suit because he claims title because he is the illegitimate son of some old guy who farmed it 40 years ago. That kind of stuff actually happens more than you would imagine, especially if minerals are being produced in the area.
Even a minor boundary tiff with a neighbor could cost thousands in attorney fees.
Spend a few hundred and be protected.
This sounds like a real property essay exam.
#blackacre.
Posted on 9/6/18 at 9:24 am to gsvar2004
Are you purchasing from a Family LLC by any chance?
Posted on 9/6/18 at 10:02 am to Damone
quote:
Family LLC
Just a husband and wife
Posted on 9/6/18 at 10:02 am to gsvar2004
The premiums aren't that expensive but the risk you may incur is.
Posted on 9/6/18 at 10:12 am to gsvar2004
Yes, especially in rural areas that have been subdivided just recently from a larger (usually) family plot. The last thing you want is 5 years from now some family member of one of the old owners coming at you due to a faulty Succession( if in LA) or shoddy probate.
Posted on 9/6/18 at 10:41 am to I B Freeman
quote:
Does the closing lawyer have the financial wherewithal to stand behind the title search??
An error is his responsibility.
Did you read the posts above you? Things come up that have nothing to do with the lawyer's search. The lawyer can't determine a fraud or forgery in the chain. Also, the seller could have a judgment filed against them the morning of closing. Nobody is going to be able to see that in the records until after the keys are already in the buyer's hand. shite happens. Don't be cheap and gamble with the biggest asset you own
Posted on 9/6/18 at 10:42 am to Areddishfish
quote:
If you are getting a loan to buy it, the bank usually has the title insurance so you having it too is excessive.
This is wrong. Lender's title insurance only protects the lender. You need to have owner's title insurance to protect yourself. Lender's title is mandatory, but it also lessens the premium for owner's, so you might as well get your own
Posted on 9/6/18 at 10:46 am to gsvar2004
Pay someone that has error and ommisions.
Posted on 9/6/18 at 10:47 am to gsvar2004
It's cheap. I don't get why you would consider not buying it.
Posted on 9/6/18 at 10:54 am to highcotton2
We looked at buying a piece of property near our place in the French Quarter. Seller said everything was cleared.
I went to City Hall (a misery in itself) and did a search and found that the seller had subdivided the place for condos, and sold one eleven years earlier. The sale wasn't on the tax rolls and the 'owner' wasn't paying taxes and it had no utilites. But he owned a part of the building. We stepped away from the hassle.
I went to City Hall (a misery in itself) and did a search and found that the seller had subdivided the place for condos, and sold one eleven years earlier. The sale wasn't on the tax rolls and the 'owner' wasn't paying taxes and it had no utilites. But he owned a part of the building. We stepped away from the hassle.
Posted on 9/6/18 at 11:04 am to Areddishfish
remember, the closing attorney works for the bank in that case, not you. I have done closings where I also had my attorney present.
Posted on 9/6/18 at 11:06 am to gsvar2004
Yes get the title insurance
Posted on 9/6/18 at 11:08 am to Areddishfish
The lender would not require the borrower to have title insurance?
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