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 Title Insurance

Thomas asks…

How can I get a job in the Title insurance business?

I have experience conducting title searches all the way back to the 1800s but not for a title insurance company. I rarely see listings for this type of job but I know that plenty of people do this. Where can I start looking?

barry0912 answers:

I work for a title insurance company. I went through a temporary agency who was handling their staffing at the time. You could always submit resumes to First American Title Insurance Company, Stewart Title, LandAmerica Financial Group. But with the mortgage industry suffering, we have been slow. Good luck!

Sharon asks…

Are all title insurance policies required to check for liens?

We are buying a foreclosed property that offers a free title insurance policy if we use the seller’s choice for settlement. Because it is a foreclosure, the property does not come guaranteed free of liens. If I use the seller’s company, am I in danger of them not doing a full title investigation?

barry0912 answers:

A Title Insurance Policy guarantee’s a title free from liens They will do a title search to avoid a lawsuit.

This depends on whether its an OWNERS POLICY or a MORTGAGE Insurance Policy. IAre you talking about a MIP (Mortgage Insurance Policy}. You need to purchase the Owners Title Policy.

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Your Questions About Anonymous


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Lizzie asks…

If there was an anonymous tip line to report people employing illegal alients, would you call?

Would you make a call to report a business who was employing illegal aliens if there was an anonymous tip line?
Do you know of any companies who actually are employing them? Do you “look the other way”?

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barry0912 answers:

In a heartbeat.

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Nancy asks…

How do you remain anonymous when calling in to a Crimestoppers line when there is a reward?

I am wondering how they pay out the reward for information. For instance, if there is a very large award of say $100,000.00, how do you stay anonymous and still get the money? Wouldn’t you have to declare it on your taxes or else wouldn’t your bank have to notify someone if all of a sudden you deposited a large amount of cash like that? I don’t really have any information about an ongoing investigation, but I love America’s Most Wanted and always wondered how that process worked.

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barry0912 answers:

Janet

They register it with a code only you and they know. If they send you a check it is only you and possibly the bank that knows the check maker.,,, but, at the time of payment they will have to know your name!

Soccerref

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Your Questions About Title Insurance

Mary asks…

What is the purpose of title insurance and why do you need it?

I recently bought property and received the title insurance policy in the mail but it doesent seem to cover anything after reading the exceptions.

barry0912 answers:

There is no absolutely right answer for your question.Nonetheless,explorer the information here http://www.InsuranceFreeTip.info/insurance-for-free.htm might give you some ideas.HOpe it helps.

John asks…

Do I need to buy Title Insurance for my condo? What is the risk?

I am buying a condo in a new development and paying cash for it. I understand that mortgage lenders require title insurance, but that isn’t an issue here. I understand that the insurance is there for peace of mind to protect the large investment, but I don’t understand what the risk is, especially since the other 110 new condo owners in the building are likely going to purchase title insurance at the requirement of their lender. The Title Insurance company wants to charge $820 for ALTA Owners Standard Coverage.

barry0912 answers:

I don’t know about new construction, but I too, bought my sisters home for cash and I didn’t do a title insurance….My attorney advised me against it, but I know she didn’t have any liens on the property…..When we went to sell it, the buyers needed title insurance, for they were getting a loan and it came out clean….But I knew my sister and I know she has impeccable credit! I have to agree with the person that said, you don’t know if the builder may not have paid everyone, other contractors, who may come back and placed a mechanic’s lien….I would recommend it for this property…..BUY the insurance, you don’t know who you are dealing with….it just makes sense…

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Your Questions About Internet Marketing News

Lizzie asks…

What subculture stereotype am I? Hipster? Yuppie? Geek? Something else?

Extensive information. What subcultural stereotype best applies?

24 year old white male
6′, 250 lbs.

Upbringing: Grew up mostly in a small-medium-sized city in southern Missouri. Upper middle-class. Lived in Central America for a few years.

Education: Three years at a state college, pursuing a BA in Religious Studies, double minoring in Philosophy and Political Science. Dropped out for financial reasons (had no parental help).

Career: I have two contracts (self-employed). One as a writer of tech & gaming news on the internet. Second doing market research for an entrepreneur. Together they pay 35-40k. Long term career goal is to become financially stable enough to start my own business related to the visual arts and the online media. Very little interest in having a family, and would rather die than move back to the suburbs.

Current living situation: Live with one roommate in a working class Hispanic immigrant neighborhood near downtown Chicago. Plan to get a studio in a more upscale (but still very urban) neighborhood in January.

Politics: Democrat, but more liberal on social and foreign policy issues. More conservative on economic issues. Radical internationalist and free trader.

Books: “The Stranger” by Albert Camus, “Solaris” by Stanislaw Lem, “Big Sur” by Jack Kerouac, “At the Mountains of Madness” by H.P. Lovecraft

Movies: French new wave films (esp. François Truffaut), moody Sci-fi like Blade Runner and Aliens, films of Billy Wilder, Audrey Hepburn movies, films of Wong Kar Wai, films of Werner Herzog. So mostly classics and foreign.

TV: 30 Rock, Mad Men, Weeds.

Music: M.I.A., Asobi Seksu, Common, Philip Glass, Rachid Taha, The Streets, Goldfrapp, Nine Inch Nails

Glasses: Sleek, black-rimmed Emporio Armani wraparounds.

Tops: Button up dress shirts from JC Penney or other department stores mostly — J Ferrar and Stafford. Dark, solid colors. Usually not tucked in.

Bottoms: Pants are Dockers or St. John’s Bay khakis. Sometimes cargo pants, but usually dressy khakis, off-white or dark brown.

Shoes: Black or brown loafers.

Other relevant info: Total technophile. Have an HDTV, PS3, MacBook Pro, and an iPhone. Don’t like fancy restaurants; mostly try to go to the cheapest Thai or Chinese food place I can find. Not particularly anti-corporate or into organic, free trade, or vegan anything. I think the website Stuff White People Like is hilarious and familiar but it only 40% applies to me.

I’m in the heart of hardcore geek culture because I write about video games and gadgets for a living, but I feel very disassociated because I’ve never gotten into comic books and the whole escapist fantasy subculture (ie, Star Wars).

Very snobbish about films but not about music. Love the show Frasier and everything it stands for, but can afford nothing that it stands for (fine wines, opera, etc). Obsessed with politics. Also like some oddball things, like burlesque.

Heroes are Werner Herzog, Steve Jobs, François Truffaut, Albert Camus, and Mikhail Gorbachev.
Should clarify on “Religious Studies” — was secular study of religion, not seminary or anything. I’m agnostic and very serious about being irreligious.

barry0912 answers:

Yupster – knowing “french new wave films” makes you a hipster. Owning an iphone AND a macbook pro makes you a yuppie. Now you can brag about your newly confirmed social status to your rich, stuck up liberal friends. Ironically speaking, of course.

Michael asks…

Call me a cynic, but isnt it funny how the heart rendering YouTube hit of the lion and his previous owner

Is now available for £12.99 at the Born Free Wildlife Foundation ….

http://www.bornfree.org.uk/shop/acatalog/Videos_and_DVDs.html

Cmon people, marketing ploys like this have been around for years, yet people keep falling for it.

The original story by the way is here:

http://www.mirror.co.uk/news/top-stories/2008/08/02/wonder-of-lion-s-reunion-with-men-who-raised-him-is-internet-hit-115875-20681492/

barry0912 answers:

And who has just further advertised this product?

Surprising as it may seem, I actually agree with a previous answerer on this, it is a worthy cause as well as being a pleasent change from having to watch some of the carnage that hits the streets these days.

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