4 ms·

The number of nickel-and-dime fees I was charged was crazy. And that title search thing has got to go too. Can't read the paywalled article, but hope the settle

by jkic47 3y ago

The number of nickel-and-dime fees I was charged was crazy. And that title search thing has got to go too. Can't read the paywalled article, but hope the settlement is huge.

ericd 3y ago
Title search is incredibly important, though...
- maxerickson 3y ago
  My lender required me to do a title search on the house I bought from my brothers after my mom died. My parents paid for a title search when they bought the house. I wonder what happened in the meantime to require one for my loan. It's a fraction of the interest I will pay on a relatively small loan, so I can't say I was real animated about it, but you are just asserting that there is a lot of risk in the average transaction.
  - brianwawok 3y ago
    I don’t imagine title insurance pays out even 1% of fees taken in. Such a racket
  - mindslight 3y ago
    > I wonder what happened in the meantime to require one for my loan. Likely the previous title policy (and now yours) specify that they only provide coverage as long as the policyholder themselves owns the property. Otherwise your lender could be mostly satisfied by a warranty deed from your mother ('s estate). That's the hook that makes it into a racket of perpetually leeching off every transaction rather than a one time expense to perform legitimate diligence.
- DANmode 3y ago
  Will it be when the only recognized title, legally, is a digital token? Motor vehicle departments are already moving to this. No reason it can't work for more expensive assets - especially with centralized authorities doing the signing.
  - JumpCrisscross 3y ago
    > Will it be when the only recognized title, legally, is a digital token? Yes. Changing databases doesn’t change anything. The person who holds the digital token may have obtained it fraudulently, or someone else before them in the chain. What you might be suggesting is a centralised property record. Most countries have this. But that comes with other yradeoffs.
    - DANmode 3y ago
      I mentioned centralized entities being involved in this =]

by jkic47 3y ago

The number of nickel-and-dime fees I was charged was crazy. And that title search thing has got to go too. Can't read the paywalled article, but hope the settlement is huge.

ericd 3y ago

Title search is incredibly important, though...

maxerickson 3y ago
My lender required me to do a title search on the house I bought from my brothers after my mom died. My parents paid for a title search when they bought the house. I wonder what happened in the meantime to require one for my loan. It's a fraction of the interest I will pay on a relatively small loan, so I can't say I was real animated about it, but you are just asserting that there is a lot of risk in the average transaction.
- brianwawok 3y ago
  I don’t imagine title insurance pays out even 1% of fees taken in. Such a racket
- mindslight 3y ago
  > I wonder what happened in the meantime to require one for my loan. Likely the previous title policy (and now yours) specify that they only provide coverage as long as the policyholder themselves owns the property. Otherwise your lender could be mostly satisfied by a warranty deed from your mother ('s estate). That's the hook that makes it into a racket of perpetually leeching off every transaction rather than a one time expense to perform legitimate diligence.
DANmode 3y ago
Will it be when the only recognized title, legally, is a digital token? Motor vehicle departments are already moving to this. No reason it can't work for more expensive assets - especially with centralized authorities doing the signing.
- JumpCrisscross 3y ago
  > Will it be when the only recognized title, legally, is a digital token? Yes. Changing databases doesn’t change anything. The person who holds the digital token may have obtained it fraudulently, or someone else before them in the chain. What you might be suggesting is a centralised property record. Most countries have this. But that comes with other yradeoffs.
  - DANmode 3y ago
    I mentioned centralized entities being involved in this =]