Owners Title Policy (Chicago: sale, insurance, mortgage)

[zolcat]

Does any one have a recommendation for an honest and reliable company for purchasing an Owner's Title Insurance? Is there a standard or recommended set of items that the Owner's Title Insurance should cover?

Is it typical for a seller to pay for it in the state of Illinois?

Thanks.

[knitgirl]

Yes, it is typical for the seller to pay in IL. Are you the seller? Are you using an attorney? Your attorney would definitely have preferences. I Like Tek Title, Prairie Title and Chicago Title. I'm a former mortgage loan processor.

[zolcat]

I am the buyer.

Thank you for the reply.

[knitgirl]

Generally then you have to go with whomever the seller/seller's atty chooses.

[penwynd]

My son recently purchased a house in a small town in IL. He got it through HUD. However, when he went to the closing, suddenly there was another $494 due for an "owners policy" to protect "his" title. Now, title companies are getting paid to make sure the property is free and clear (in our case $800) and he paid cash, so wtf????? Anyone? Oh, and then he got told to change all the locks as "HUD gives keys to all the realtors in the area" so he has to make an appt. to meet the realtor over at his new place so HE himself can replace the locks.......at another cost of $90, and then there is the "wiring hold" that suddenly appeared and costs $100 to have "inspected" and another $100 for an occupancy permit and on and on it goes, but if this "owners policy" on a FEDERAL sale is bogus.....I'm going to sue the crap out of them. Any and all advice is helpful.

[ToriaT]

Don't waste your time suing. There are a lot of hidden costs when buying a home. I recetntly sold a building and left the closing table ten thousand dollars poorer with the attorney and agent fees, all the closing items and had to pay the buyer for some repairs.........