Title Insurance
Jul 9th 2005, 7:46 pm
#1
Lost in BE Cyberspace
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Title Insurance
Perhaps it should be title insurance, is it a scam and why would we need it on a new build? Just got some information from the escrow company and they are going to charge us title insurance. I know there was something on this a while back, but now I can't really find it. And I'm annoyed as closing costs are starting to mount up and I don't want to pay more than we have to!
Stressed here and we still have another 3 weeks to go!
Stressed here and we still have another 3 weeks to go!
Jul 9th 2005, 7:52 pm
#2
Re vera, potas bene.
Joined: Jun 2005
Location: Cape Cod MA..Davenport FL
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Re: Title Insurance
Where are you having your house built.......??
Jul 9th 2005, 7:53 pm
#3
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Re: Title Insurance
Washington
Jul 9th 2005, 7:56 pm
#4
Re vera, potas bene.
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Re: Title Insurance
Originally Posted by AmerLisa
Washington
They have a lot of problems down there.......
Jul 9th 2005, 7:57 pm
#5
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Re: Title Insurance
Originally Posted by krizzy
I've only driven through Washington.......its nice to chat to someone having a home built outside of FL........
They have a lot of problems down there.......
They have a lot of problems down there.......
Jul 9th 2005, 7:58 pm
#6
Re vera, potas bene.
Joined: Jun 2005
Location: Cape Cod MA..Davenport FL
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Re: Title Insurance
Originally Posted by AmerLisa
Down where?
Jul 9th 2005, 8:08 pm
#7
Position - Offside
Joined: May 2005
Location: Harvest, Alabama from Newport Pagnell, Bucks/Mitcham, Surrey
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Re: Title Insurance
When we built our house in 1995 a condition of our mortgage was that we got title insurance. When I asked why, they said it was in case something came up in the future concerning the land then any money claimed would be paid by the insurance company. I guess their records are not as well as those of the English Land Registries. It was a one off payment, can't remember how much. Closing costs are a farce. Considering there is less to do than when buying a house in the UK the costs are ten times, if not more, here than there.
Not sure about other States, but here once you close you have to take a copy of your deed to the tax assessors office to claim homestead otherwise your property tax doubles.
The other insurance that is a farce is the PMI.
Good luck with your building. I found it fun until we had to go and select the brick color, mortar color and then had to decide what type of grass we wanted. By that time the choosing fun had truly gone. lololol
Not sure about other States, but here once you close you have to take a copy of your deed to the tax assessors office to claim homestead otherwise your property tax doubles.
The other insurance that is a farce is the PMI.
Good luck with your building. I found it fun until we had to go and select the brick color, mortar color and then had to decide what type of grass we wanted. By that time the choosing fun had truly gone. lololol
Jul 9th 2005, 8:49 pm
#8
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Re: Title Insurance
Originally Posted by Lynne
When we built our house in 1995 a condition of our mortgage was that we got title insurance. When I asked why, they said it was in case something came up in the future concerning the land then any money claimed would be paid by the insurance company. I guess their records are not as well as those of the English Land Registries. It was a one off payment, can't remember how much. Closing costs are a farce. Considering there is less to do than when buying a house in the UK the costs are ten times, if not more, here than there.
Not sure about other States, but here once you close you have to take a copy of your deed to the tax assessors office to claim homestead otherwise your property tax doubles.
The other insurance that is a farce is the PMI.
Good luck with your building. I found it fun until we had to go and select the brick color, mortar color and then had to decide what type of grass we wanted. By that time the choosing fun had truly gone. lololol
Not sure about other States, but here once you close you have to take a copy of your deed to the tax assessors office to claim homestead otherwise your property tax doubles.
The other insurance that is a farce is the PMI.
Good luck with your building. I found it fun until we had to go and select the brick color, mortar color and then had to decide what type of grass we wanted. By that time the choosing fun had truly gone. lololol
Thanks Lynne.
Just got off the phone with our lender a little while ago and she explained the whole mess to me. The fun is going out of the whole thing right now. I feel like Chicken Little (the sky is falling....) until the whole closing process is over! Thanks for the information on the homestead thing, I didn't know that and will be checking into it.
Jul 9th 2005, 8:49 pm
#9
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Location: MA, USA
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Re: Title Insurance
Haven't heard about it for new places, but it is pretty much to cover you in case of disputes over land ownership, and if there were previous debts on the land, like property taxes not being paid, the insurance would pay it so that the town won't take the land from you etc...
Jul 9th 2005, 8:49 pm
#10
Lost in BE Cyberspace
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Re: Title Insurance
Originally Posted by krizzy
Down in FL........with builders......people waiting years for their homes......
Jul 9th 2005, 8:53 pm
#11
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Re: Title Insurance
Originally Posted by Bob
Haven't heard about it for new places, but it is pretty much to cover you in case of disputes over land ownership, and if there were previous debts on the land, like property taxes not being paid, the insurance would pay it so that the town won't take the land from you etc...
Jul 9th 2005, 8:54 pm
#12
Powder Maggot
Joined: Nov 2004
Location: Nuevo Mexico
Posts: 4,452
Re: Title Insurance
Like they said, it's really about the land, not the house. I would consider it a necessity. There is an amazing number of ways of losing claim to your land in this country. Be sure to read the exceptions to the policy. And it's a good time to find out who, if anyone, has easements on your property.
Jul 9th 2005, 8:56 pm
#13
@matthewb76
Joined: Jul 2003
Location: Missouri
Posts: 21,886
Re: Title Insurance
If you didn't get it, and then in 25 years someone came upto you with deeds to half your property, you'd be a tad pissed off no?
Jul 9th 2005, 8:59 pm
#14
Re vera, potas bene.
Joined: Jun 2005
Location: Cape Cod MA..Davenport FL
Posts: 2,405
Re: Title Insurance
Originally Posted by Bob
Haven't heard about it for new places, but it is pretty much to cover you in case of disputes over land ownership, and if there were previous debts on the land, like property taxes not being paid, the insurance would pay it so that the town won't take the land from you etc...
Jul 9th 2005, 9:00 pm
#15
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Re: Title Insurance
Originally Posted by Manc
If you didn't get it, and then in 25 years someone came upto you with deeds to half your property, you'd be a tad pissed off no?
Anyway, its just the closing costs. I wouldn't have thought it would cost this much.
