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Title Insurance

Title Insurance

Old Jul 9th 2005, 7:46 pm
  #1  
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Default 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!
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Old Jul 9th 2005, 7:52 pm
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Default Re: Title Insurance

Where are you having your house built.......??
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Old Jul 9th 2005, 7:53 pm
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Default Re: Title Insurance

Washington
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Old Jul 9th 2005, 7:56 pm
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Default Re: Title Insurance

Originally Posted by AmerLisa
Washington
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.......
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Old Jul 9th 2005, 7:57 pm
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Default 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.......
Down where?
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Old Jul 9th 2005, 7:58 pm
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Default Re: Title Insurance

Originally Posted by AmerLisa
Down where?
Down in FL........with builders......people waiting years for their homes......
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Old Jul 9th 2005, 8:08 pm
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Default 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
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Old Jul 9th 2005, 8:49 pm
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Default 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

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.
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Old Jul 9th 2005, 8:49 pm
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Default 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...
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Old Jul 9th 2005, 8:49 pm
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Default Re: Title Insurance

Originally Posted by krizzy
Down in FL........with builders......people waiting years for their homes......
Ah yes, that can't be fun.
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Old Jul 9th 2005, 8:53 pm
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Default 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...
That's why I didn't think it was necessary on new builds. But apparently it is and its not really insurance per say..... From what I can see its just another bullsh*t administration charge.
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Old Jul 9th 2005, 8:54 pm
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Default 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.
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Old Jul 9th 2005, 8:56 pm
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Default 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?
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Old Jul 9th 2005, 8:59 pm
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Default 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...
I remember something about it when we got our first house....which is not new......our lawyer and the bank said it was not needed in our case for land dispute because our land is down on record in MA as being ours right down to the last inch......I hear it costs a bit to have that done.....but once its recorded thats that.....I'll have to dig out the paper work and have a read......
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Old Jul 9th 2005, 9:00 pm
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Default 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?
Perhaps...

Anyway, its just the closing costs. I wouldn't have thought it would cost this much.
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