Title Insurance
- Thread starter flyingdog
- Start date
Tilted
..
I can't imagine it would be that much more for the difference between the mortgage and the purchase price. Generally speaking, I would get it. The history of that specific parcel, pre-subdivision, may be fairly clean and simple; however, I've done some title searches in the past where title to the property in question was very dubious for one reason of another. Often the owners of the property had no clue about what legal issues lie hidden and might eventually prove devastating, should someone stumble upon them.
Then again, its not always clear that the title insurance will cover you in all cases. I'd try to make sure what the exact terms of the insurance were.
Tilted
..
That's not necessarily true. There are instances where some people, who know what to look for, will research the title history of certain kinds of property that they recognize as being likely to have title history issues. Depending on the circumstances, they can maneuver such that they take advantage of legal deficiencies and make a profit at the supposed owners expense. Sometimes the holes in the title history that give rise to the issue occurred many, many years ago.
It's not something to be paranoid about, because it just doesn't happen too often, but sometimes its best to cover yourself just in case.
BoyGenius
Cyber Bully Victim
Wirelessly posted (Mozilla/4.1 (compatible; MSIE 6.0; ) 400x240 LGE VX10000)
If you're set on buying it I would call every local company and negotiate the price yourself to cut the crook real estate agents out of the deal.
If you're buying the house in a foreclosure from the bank, or from someone with deep pockets you could sue, I wouldn't buy it at all.
Cut Your Title Insurance Costs - Kiplinger.com
If you're set on buying it I would call every local company and negotiate the price yourself to cut the crook real estate agents out of the deal.
If you're buying the house in a foreclosure from the bank, or from someone with deep pockets you could sue, I wouldn't buy it at all.
Cut Your Title Insurance Costs - Kiplinger.com
Yes, capitalism is bad, people who charge to provide a service are evil. Geezz get a life!
wearepbandj
New Member
Get it. I didn't get and at the last minute two days before closing we found out there was a lien on the property. We ended up losing our house because we moved already.
BoyGenius
Cyber Bully Victim
Title insurance is for "after you buy a house." In your case I can't see where buying it or not buying it had anything to do with you not getting the house from what you describe.
If it did, you would have gotten the house and the policy would have paid off the lien, right?
wearepbandj
New Member
Title insurance is for "after you buy a house." In your case I can't see where buying it or not buying it had anything to do with you not getting the house from what you describe.
If it did, you would have gotten the house and the policy would have paid off the lien, right?
We were trying to sell our house. We could not sell it because if the lien. The lien holder was out of business. When i purchase the house everything was fine. The lien was not released. It was a Line of credit from the owners. It was paid off but not released. If i had title insurance i would of been ok and the house would of been sold.
BoyGenius
Cyber Bully Victim
I disagree that the sale would have closed because you had title insurance. Why would the insurance pay off something in your own words that was already paid off, but still incorrectly recorded?
wearepbandj
New Member
I disagree that the sale would have closed because you had title insurance. Why would the insurance pay off something in your own words that was already paid off, but still incorrectly recorded?
The buyers mortgage company won't but the house with a lien against. The title company never followed up to make sure it got released. It happens . Rare but happens. The title to our house was not clear there for could not be sold. Would you buy a house with a lien attached to it? If i had title insurance it would not of matter. The insurance would cover the cost to go to court to get a judge to release it. Just ask a realtor or a title company.
You should know that title insurance costs are regulated by the state in Maryland, so the above advice is murky. And certainly a lot of what appears in the linked article doesn't apply.
MD Insurance Administration Guide to Title Insurance
While other fees charged by title companies are subject to what the market will bear, they have nothing to do with your title insurance policy. You can (and should?) shop around for those.
MISTYM1223
New Member
I would definitely purchase it. It is better to be safe.