Real Estate Titles and Insurance

Does anyone who has purchased a real estate title and insurance had it go bad?

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Edited 1 time(s). Last edit at 11/14/2018 11:53PM by HonnyBrown.

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No, be sure you go to a good escrow Co....they will take care of everything, no bargain shopping here.I took out Ins. on my own.

Live consciously....

Thanks Irene. You bought the insurance separately from what the title company offered? How?

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

I've been here years, but I think after I bought the Townhouse, the outside was insured by homeowners and I had to get my inside property Ins., which I added to my car Ins...same company. I know I have a seperate policy.

Live consciously....

Tell us what happened...

I've bought, refinanced and sold many properties and have never had it go bad.

The lender will insist that you purchase title insurance in MD, Honny. (Former RE agent for 19 years).

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

Title Ins. yes, I thought you meant home Ins. after re-reading it,,,why would it go bad, the law is the law.

Live consciously....

Yes, this is for title insurance.

The title company sent me the paperwork for what the standard title search covers and what the enhanced title search covers. The insurance is low so that's not in question.

My question is regarding the difference between coverages. I'm buying a condo with a garage. The enhanced coverage addresses land. Would that apply to a condo? Is it beneficial to buy the standard title over the enhanced? Questions like that.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Condo owners don't own the land or the outside of building. Ins. company will know that.

Live consciously....

Ask your buyer's agent AND the settlement agent.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

I think title insurance covers any liens or encroachments against your property. The title company does a search for liens, and if there is one, you would not be able to go through with the loan (the mortgage company would deny the loan until the issue gets fixed)

Since you are buying a condo, I imagine that there are no encroachments that you need to worry about. A lien would be possible, though. For example, if the previous owner put in new kitchen cabinets and counters and did not pay the contractor, the contractor could put a lien against the property.

If your loan is going through, and title is clean, you have nothing to worry about.

But you DO have to pay for the title company to do that search and to issue the certificate. Some title companies are better than others and in most states I believe you as the buyer are allowed to choose your title company.

Sorry, but the land on which the structure is built may, in fact, have claims on it and WOULD affect the value of the condo. And those claims could go back to pre-colonial times. Both the buyer and the lender are protected if any such claims were to prevail in court. Just be glad that we have such a thing as title insurance in this country.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

@walesmaven wrote:

Sorry, but the land on which the structure is built may, in fact, have claims on it and WOULD affect the value of the condo. And those claims could go back to pre-colonial times. Both the buyer and the lender are protected if any such claims were to prevail in court. Just be glad that we have such a thing as title insurance in this country.

Ugh...scary thought. I'm assuming the loan would still go through, in that case? It would be a bummer though to buy a condo and think it was worth $xxx,xxx.xx and to find out that there was a claim on the land that made it worth less.

Is this something that has to be disclosed at selling? I imagine that if it's as old as you're saying it could be....many people (sellers, RE agents, buyers, associations...) prob. don't even KNOW about it. Wonder if the original builder knew about it?

Yes, it's a great thing to have title insurance......

Some ancient claims do not turn up in the required title search but still prevail later in court. That is why it is essential to INSURE your title. Some states give the buyer the option to insure ONLY the lender's interest. Why would anyone choose not to pay a little extra to include themselves in the coverage???!!!

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

I thought liens had to be settled in order to sell the property.

I can see why people don't buy title insurance. It seems like an added, unnecessary expense. And then when something bad happens....

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

The only claims I have heard about would be in Palm Springs where the Indians own that land, wherever there is an Indian casino, land is usually there's (reservations), you'd be surprised at how much land they own. They are supposed to tell you, but....they can then sue (lien) the property when it is sold. I'm sure this is not your problem and don' over think it. My ex was for 50 years a Commercial Real Estate Appraiser doing zone changes in L.A. for the Mayor and was the Appraiser for Caesar's Palace Hotel, could find these things out., perhaps a call to the Appraiser of your property may ease your mind. Homeowners would know as the place has been sold before and disclosure is now a law, at least here in CA.

Live consciously....

Actually most tribal lands are held in trust by the Federal government.

"The tribe may not convey or sell trust land without the consent of the federal government."

This was a small portion of a larger explanation of the categories of land ownership for First Nations people in the U.S.

[www.nrcs.usda.gov]

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.

I wonder why tribal land is regulated by agriculture and not state.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

I just spoke with a friend who knows all about the land owned by the Indians. They owned a home in Palm Springs where the Indians owed the land and you lease the land for 99 years. San Diego where Chumish Indian Casino is popular, also owns most of the land around the Casino, and have gotten rich, now buying out hotels within the San Diego downtown area. honny doesn't need to worry if there is no reservation or Casino near her Condo....homeowners owns the land, not the buyer of a Condo, we only own the inside.

Live consciously....

Edited 1 time(s). Last edit at 11/20/2018 09:43PM by Irene_L.A..

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