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The paperwork that realtors and title companies do is a joke. When we bought our house I signed close to a hundred documents. Many of which were the same. So
by jcoffland 8y ago
The paperwork that realtors and title companies do is a joke. When we bought our house I signed close to a hundred documents. Many of which were the same. Some documents were repeated 3 or 4 times. It's all a game where they try to convince you how grand and thorough and official the whole processes is. It made me realize how incompetent the banks really are.
- oihoaihsfoiahsf 8y agoWell, you buy title insurance so that even if the process wasn't thorough enough you don't lose a whole bunch of money. https://en.wikipedia.org/wiki/Title_insurance https://en.wikipedia.org/wiki/Title_insurance
- DubiousPusher 8y agoThat's the idea but it's a lot more complicated than, I buy a title search, I buy title insurance. I'm covered 100%.
- fredophile 8y agoThe insurance companies aren't stupid. It's not quite as easy as just paying some money for the insurance and being done. Normally title insurance is something you pay once and it's valid as long as you continue to own the property. When I bought my current place my real estate lawyer had to do a bunch of digging because there was some ambiguity in some documents 3-4 owners back. The title insurance company would only offer insurance for 1 year if this ambiguity wasn't resolved.
- WalterBright 8y agoMany of those documents appear to be required by law.
- jcoffland 8y agoBut they are only required once.
- brightball 8y agoThat's one reason why some states don't allow title companies and insist this type of work be done by actual real estate attorneys.
- modells 8y agoIt's a (un)necessary hazing ritual to justify how much all these MITM attacks by realtors, brokers, title corp, etc., pinch off for themselves.
- rossjudson 8y agoFor our most recent house purchase, the title company was invaluable -- not for a claim, but for the wealth of information they produced when they did the search. We found out about easements paperwork that we had no idea existed (even from the perspective of the property information system in our area). I actually called the title insurance company at one point to ask what the heck something was, and was connected to an experienced person who was very happy to fully explain what they'd found. My guess is that because the history of our house was pretty complicated, the title searcher was relieved to have something out of the ordinary to work on. The upshot? That title search is really important, particularly if you're buying a property that predates electronic property systems.