Your Questions About Title Insurance

Mandy asks…

What value does a real estate lawyer add on top of title insurance?

If title insurance already protects against:
– survey errors
– legal description errors
– negligence
– forgery
– liens

and negates the need for:
– zoning compliance certificate
– tax certificate
– hydro/water/gas certificates
– law society levy

what value does a real estate lawyer add on top?

Is it just for wading through the legalese in the Offer and the Agreement?

barry0912 answers:

Depends on the transaction, if it’s a refinance, I would tend to agree with you even though I don’t understand what you mean by stating title insurance negates the need for tax and water certificate. I’d also be cautious of the legal description errors. I had a situation in NY, purchase, where the deed to the property did not contain a legal description at all. The previous title company would not give us a letter of indemity for our title and then come to find out our title underwriter would not accept it, the original deed had to be found and re-recorded, no exception, so I guess it depends on what you mean by “errors” On a purchase transaction, they usually add more value due to the purchase contracts and drafting of deeds, etc. To be bluntly honest, most attorneys usually dont even touch the file unless there is a major problem, their paralegals handle the day to day operations

Lisa asks…

Who is responsible for selling a bad title insurance policy?

I had property line dispute with my neighbor and my title insurance policy(First American Title Insurance Company) does not want to pay my $7k attorney fees for preparing the claim . They did not cover my out of pocket legal fees. I was sold a crappy policy 10 years ago when I purchased my residence. Who is in charge of choosing the title insurance company? Escrow company or the agent?

barry0912 answers:

Normally the real estate agent or the escrow officer select a title company they are accustom to working with. This is prevalent throughout the mortgage and real estate industry.

What the real estate agent or escrow loan or loan officer fail to tell their clients is that they may select the services of their choice.

Even if your title was not in excess of 10 year the title company only guarantee that liens against the property after your purchase would be paid and you would be getting a clean title to the property. You did not get a crappy title insurance policy.

I have used First American Title Insurance and have found them to be a competent title company over the years.

In most states and counties a property has been assigned a lot and parcel number with the dimension recorded at the county court where the property is located. If there is a dispute about the property as to where it ends and how much is yours, then you would have to hire a survey company to complete a survey to determine property lines.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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Your Questions About Internet Marketing Degree

Linda asks…

Is a business degree necessary in starting a career in marketing?

Or would a degree in social sciences be ok?

barry0912 answers:

No, you do not need a business degree to start a career in marketing. You don’t need any degree at all. There are countless opportunities in marketing. Its a huge field. For example, a good friend of mine started doing internet marketing while he was studying economics. He eventually got his economics degree, but he didn’t need it. He found what he loved to do: internet marketing. If you want to get into a huge corporation in one of their entry level marketing jobs, then you’re better off with a degree. There are plenty of alternatives though. There are plenty of ways to make a living with a marketing career without any degree at all. For example, here is a possible path:

1. Get an entry level job as an “Administrative Assistant.” Make sure the job has at least some advertising/marketing duties (such as stamping envelopes to send out advertising post cards).
2. Get a year of experience at this job.
3. Revise your resume, focusing on the marketing skills you learned.
4. Apply to a new job as a “Marketing Assistant.”
5. Repeat this process every year or two. This is how you “climb the corporate ladder.”

You can build a career like this. Feel free to skip steps if you can. There is no set path. No degree is necessary for this, but a degree helps get you interviews. Eventually you could become the CEO of a multi-billion dollar marketing agency.

Good luck.

Donna asks…

law degree and then a career as a business professional?

I want to do a law degree but don’t want a law career such as one as a solicitor or barrister. I would like to become a business professional instead but don’t know what area I could go into – any ideas?

barry0912 answers:

Please be aware of what you are proposing on getting yourself into. Please do more research first.

Reminder: We are in a World-wide Recession. Consider career paths that have available jobs.<<<< Jobs in the field of Law are drying up fast!! This is just not a good field to invest time and/or money into. This is a SHRINKING, crumbling, and dying vocational field. Many reasons. Many people today (mistakenly) think they can do their own legal work, thanks to the Internet. Also, we simply already have way too many Legal Professionals – we have an absolute glut!! (“Legal Professionals” includes, but is not limited to: Attorneys/Lawyers, Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc)

Employers (usually law firms) in the field of Law today want employees with degrees from traditional colleges/universities. Those “certificates” you see advertised aren’t worth the paper they are printed on – they are generally scams. (I found this out the hard way.)

Cost of law school to be lawyer, approx $150,000+.
Be prepared to take on a lot of debt.

Even if you finish law school, you won’t be able to find a job when you are done. Since this vocational field is shrinking, many new attorneys/lawyers are, themselves, having to work “down” as Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc, to simply try to keep some of their bills paid <that the job market/economy is just saturated with way too many Legal Professionals. Instead the schools will feed you a fairytale and will lie to you. The root of the problem is we have too many law schools. We are in a recession, and the schools are fighting for their own survival – they will tell students anything to get to the students’ money. (Which is why they won’t tell you the truth about the job market for the field of Law.) And these schools continue to recruit and churn out even more graduates………….

If you don’t believe me, then just do a search here on Yahoo Answers to see what other posters are saying about the current status of the field of Law. Call some local law firms – ask to speak to the Manager of Human Resources – ask them if they are hiring; ask them what they think about job availability in the field of Law………………

In the book “So You Want to be a Lawyer?” by Marianne Calabrese and Susanne Calabrese (ISBN 0-88391-136-1): “The United States has more lawyers than any other country in the world. About 38,000 students graduate >each year>>Healthcare or Information Technology! I spoke to a career counselor from Jobs and Family Services, and HE told me that these areas are where the jobs are, and future job availability! And scholarships!

Good luck.

(This is based on my current knowledge, information, belief, and life experiences. This was intended as personal opinion, and not intended to be used as legal advice. Please be careful and do your research.)

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Your Questions About Internet Marketing Services

Linda asks…

Has anyone sold their home through a flat-rate MLS service, and what were the results?

We are preparing to sell a $300K house and just can’t understand how a listing agent can still justify a 3% / $9K commission. Property values have increased substantially in our area, as in most, but the work the agents have to do to market properties has decreased significantly with the advent of internet marketing.

I understand the value of the buyer’s agent, bringing pre-qualified buyers to see my home, but I just can’t see paying the same commission to another agent just for listing on the MLS and coming by to stock flyers, especially when I can buy an MLS # myself through one of these services. And as for the paperwork, a real estate attorney can do it for far less.

On the downside, I can imagine that the buyer’s agents may be less enthusiastic to show such a property out of support for their industry. What experiences have you had? Are listing agents still necessary or are most people just willing to pay the 3% b/c they are so happy to hear how much their house is now worth?

barry0912 answers:

IMHO, there is a TON more work now that it is a buyers market. A couple years ago, people engaged in bidding wars to buy property. Now, there is a ton of inventory, interest rates are low and buyers are shopping around. It is a buyers market.

In the US, most areas are experiencing a price decline.

The internet does not make it easier. Everyday I get emails about a property, most are just tire kickers or want to make a ridiculously low offer on a property. At this point, I’d say 1 out of 50 prospects are actually interested in purchasing a property for fair market value.

As a listing agent, I just don’t stock flyers and wait for a buyer to come. I put up signs, advertise, send mailings, hold open houses, get your home on many websites, create a virtual tour, and bring qualified buyers through the home. Limited service agencies cannot say that. Most Realtors won’t show a property through a limited service agency, it doesn’t have anything to do with supporting the industry, but most of those sellers are so penny wise they are pound foolish. Very difficult and once a Realtor is involved, they want the Realtor to represent both sides without compensation. Ugly for the Realtor.

And you pay a limited service agency whether you sell the home or not. If I don’t sell your home, you don’t pay me a dime.

Chris asks…

What is Internet Marketing?

I’m confused with these stuff, internet marketing, search engine optimization, social media optimization, etc.. Are they all related?

barry0912 answers:

Internet marketing is the marketing of products and services using the Internet as its medium. Lower costs of dissemination of information and a global audience are its main advantages. Internet marketing also encompasses digital customer data management and electronic customer relationship management (ECRM), which are widely used in businesses today.

I’d suggest you download the ebook about internet marketing here:http://tinyurl.com/237cvqj .
It’s a simple and straight-forward ebook with step-by-step instructions that can produce a lot of traffic, leads and income for you if you’re willing to put in the small amount of time and effort to do it.

The truth of the matter is that the ebook is proven to be effective when it comes to internet marketing. So if your trying to build an online income without a powerful Marketing System you will always be climbing a slippery slope.

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Your Questions About Internet Marketing Degree

Joseph asks…

How can I break into the field of International Marketing?

I have a degree from UT in International Business & have 4 years of banking experience. I also speak a few languages. Any suggestions????

barry0912 answers:

Use the internet. It’s the international marketplace.

Michael asks…

What kind of careers can I enter with a degree in English?

I am studying for a BA(Hons) in English Studies, including Literature modules, Language modules and Creative Writing modules.

I know that teaching English is a prospect, but what other careers can I enter. I am actually becoming more and more interested in a career in Law and heard that I can do my English degree then do a Bar Conversion Course in order to progress into a Law career.

I would be grateful for any advice. Thanks.

barry0912 answers:

Please be aware of what you are proposing on getting yourself into. Please do more research first.

Reminder: We are in a World-wide Recession.

Warning> Jobs in the field of Law are drying up fast!! This is just not a good field to invest time and/or money into. This is a SHRINKING vocational field. Many reasons. Many people today (mistakenly) think they can do their own legal work, thanks to the Internet. Also, we simply already have way too many Legal Professionals – we have an absolute glut!! (“Legal Professionals” includes, but is not limited to: Attorneys/Lawyers, Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc)

Cost of law school to be lawyer, approx $150,000+.
Be prepared to take on a lot of debt.

Even if you finish law school, you won’t be able to find a job when you are done. Since this vocational field is shrinking, many new attorneys/lawyers are, themselves, having to work “down” as Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc, to simply try to keep some of their bills paid <that the job market/economy is just saturated with way too many Legal Professionals. Instead the schools will feed you a fairytale and will lie to you. The root of the problem is we have too many law schools. We are in a recession, and the schools are fighting for their own survival – they will tell students anything to get to the students’ money. (Which is why they won’t tell you the truth about the job market for the field of Law.) And these schools continue to recruit and churn out even more graduates………….

If you don’t believe me, then just do a search here on Yahoo Answers to see what other posters are saying about the current status of the field of Law. Call some local law firms – ask to speak to the Manager of Human Resources – ask them if they are hiring; ask them what they think about job availability in the field of Law………………

In the book “So You Want to be a Lawyer?” by Marianne Calabrese and Susanne Calabrese (ISBN 0-88391-136-1): “The United States has more lawyers than any other country in the world. About 38,000 students graduate >each year>>Healthcare! I spoke to a career counselor from Jobs and Family Services, and HE told me that this is where the jobs are, and future job availability! And scholarships!

Good luck.

(This is based on my current knowledge, information, and belief. This was intended as personal opinion, and not intended to be used as legal advice. Please be careful and do your research.)

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Your Questions About Title Insurance


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Joseph asks…

Do we need to get a new title insurance when we refinance our home mortgage loan?

We bought a title insurance when we first got our home loan. We are now refinancing with another bank and they are requiring us to get a new title insurance. Is this right?

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barry0912 answers:

I work at a mortgage company, and most banks require title insurance for every mortgage that they underwrtie.

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Laura asks…

How important Is Personal Title Insurance ?

I am closing one house on 31st and my Closing attorney recommands me to take Personal Title Insuarnce ? My question is , Is Personal Title insurance necessary ? I smell something fishy here, does attorney get something if i take personal Title Insurance.

P.S I am first time home buyer.

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barry0912 answers:

Typically, when a property transfers ownership and a mortgage is put in place, there are two types of policies issued.
1. Mortgagee Policy (covers the lender’s mortgage and insures that it is the first, best lien on the property)
2. Owner’s Policy (covers the new owner’s interest in the property)

Think of it this way. You carry insurance on your car, in case there is an accident. The insurance pays for damages that may occur to your car in the future.

You (hopefully) will carry homeowner’s insurance, which will pay for damages to your house in case of a fire, etc in the future.

Your Owner’s Policy of Title Insurance protects you against things that may have happened in the past. You pay a one-time fee that is collected at closing, that insures that no one else holds any interest in your new property (except for the lender on your new mortgage). It is your proof that the chain of title was clear up until the date and time that you deed filed, and no one can claim that they are “owed” something from your home.

Examples:
1. A previous owner died, and one of the heirs did not get their portion of the proceeds from the sale of the property.

2. A previous owner divorced and their spouse did not get their half of the proceeds from the sale of the property.

3. A lien was filed against a prior owner that was never paid off and released.

If, in the future, you decide to refinance or sell the property, a new title search may be done. Chances are that a different examiner will do the search. If they come across something that shows a problem with your title prior to the date/time your deed filed, the owner’s policy protects you against that claim. You can file a claim against the underwriter who issues the owner’s policy for payment of any losses incurred.

Get an owner’s policy, and keep it with your important documents.

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Your Questions About Title Insurance


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Jenny asks…

If you buy a home without an agent or with a discount agent, how do you shop for title insurance?

Even if you work with full-commission (3%) agents, they just work with their favorite title insurance companies. They don’t comparison shop the best deal for you.

How do you find out the quality of service of a title insurance company? How do you find out all the fees that the title insurance will cost you?

Title insurance is to ensure that your home has a free and clear title and no one has a lien or a claim on it. It’s critical and requires professional expertise. You don’t want to do it yourself, and cannot afford to be self-insured. You don’t want to find out by surprise that your home isn’t yours after you’ve paid your down payment and all the closing costs. Title insurance ensures that this never happens, assuming that the insurance company does its job.
Is anyone familiar with the California laws? Is it always the seller’s agent who chooses the title insurance company? Do the laws require that all title insurance companies do pretty much the same things to check the title?

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barry0912 answers:

Title insurance is cut and dry so to speak,

im going thru a large claim on mine right now,
they are really terrible to deal with.
They all have to provide the same coverage, and service as required by the state,
the fees they charge are usually state regulated also, they all charge the state regulated amount, ( like Gap insurance for a car ) its always the same for everyone.
A trip to the register of deeds will save you the money, ( I wish I would have )
if its not on the record the title insurance wont cover it anyway.

I had an easement the title insurance didnt find, and now the easement holder came in and is doing as he wishes all over our property, tearing down trees, removing a building,

It was on record at the court house, and the title insurance still dosen’t want to pay.

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Charles asks…

Do attorneys issue and sell title insurance or simply buy it on behalf of their clients?

I understand that attorneys perform title searches and make a title judgment/title assessment. I also know that they would have to hold an insurance license in the state they are located, be backed by an insurance company(i.e. be an insurance broker/rep), or have an actual insurance company,but all of these are possible to do. What is the normal situation with real estate attorneys and title insurance?

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barry0912 answers:

The attorney has to be approved to do title opinions for title insurance companies. There are required classes and seminars and insurance the attorney must have before they are cleared to do the title check and opinion for the title insurance company. Then the title company issues the policy.

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