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Add mortgage insurance in there too
by userinanother 3y ago
Add mortgage insurance in there too
- choppaface 3y agoAnd title insurance
- lotsofpulp 3y agoI feel like we have had electronic databases with backup capability for so long that errors in titles should have long been a thing that does not happen anymore.
- calciphus 3y agoSame thought. You'd think title insurance would only kick in if the last title transfer predates say 1980, or some other relatively-likely-to-have-county-digital-records date
- gpm 3y agoMy parents bought a house in ~2003 new from the builder that ended up having a title issue when they tried to sell it (work orders of some kind)... in a big city that I certainly assume was using digital records by then.
- pixl97 3y agoI did computer support and had a couple of title companies all though the 2007 boom and 2008 crash. I may seem impossible, and yet suits brining up chain of title going back into the 1800s do happen more commonly than one would think. In the rural south there are some insane claims of title across families. I've seen title work where they had thousands of pages of paperwork involved with hundreds of possible heirs that had to be located.
- idlewords 3y agoAnd the underbody coat that totally failed to rustproof my home
- koolba 3y agoOf all the scams associated with real estate transactions, title insurance is kind of legitimate. The title chain itself may be recorded, but there may be some lien against the property that was not properly recorded. That’s the situation you protecting against. Now whether that’s worth .5-1% is debatable.
- photonbeam 3y agoThe seller really should be liable for all of that
- echelon 3y agoThey'll just pass the cost on to the buyer in the price.
- gpm 3y agoYes, but if you only discover a decade later and the seller is long gone...
- latency-guy2 3y agoIf so then there are laws to consider that any property that is not protected becomes legally owned by the one who has been servicing/inhabiting it, which is a bit before that decade would end. The core problem of the lien is solved, the only thing left is to ensure the lawyers who seem to always get their cake no matter what aren't bloodthirsty enough.
- danans 3y ago> Of all the scams associated with real estate transactions, title insurance is kind of legitimate As someone who has submitted (and failed to collect) on a claim against title insurance for legal fees incurred to correct a mistake in the original title that the title company missed, I'm skeptical of its value, at least for things like erroneous lot lines.
- 3y ago