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Old 01-21-2008, 07:59 AM
 
15,469 posts, read 20,257,482 times
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Default How to get a clean title and be sure about getting one?

How do you know for sure if you get a clean title at closing? Someone told me that even with a title company you can be fooled and not getting a clean title doing a resale. I thought you can trust a title company. Does anybody have any advise on this?
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Old 01-29-2008, 05:11 PM
 
7 posts, read 22,386 times
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Real estate transactions have title insurance with the title company. The purpose is to protect against unknown title problems. They do the title search & you are insured against anything they missed. I'm not in the business, but have been through several home sales in my life & I believe that's the basics.
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Old 01-29-2008, 06:35 PM
 
730 posts, read 1,273,678 times
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Quote:
Originally Posted by bentlebee View Post
How do you know for sure if you get a clean title at closing? Someone told me that even with a title company you can be fooled and not getting a clean title doing a resale. I thought you can trust a title company. Does anybody have any advise on this?
Use a liscensed realtor or a real estate attorney.
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Old 01-29-2008, 07:28 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,517,027 times
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realtor can't do anything.

The attorney can only do what the title company does.

They do a title search...they find no liens...and the title insurance pays if there are any mistakes.

Quote:
Originally Posted by stpeteguy View Post
Use a liscensed realtor or a real estate attorney.
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Old 01-30-2008, 08:02 AM
 
Location: New York City
1,836 posts, read 2,002,519 times
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Quote:
Originally Posted by renriq02 View Post
realtor can't do anything.

The attorney can only do what the title company does.

They do a title search...they find no liens...and the title insurance pays if there are any mistakes.
yep.. I work for Commonwealth Land Title Insurance Company and while there are claims, there aren't many. At least in NYC commercial services
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Old 01-30-2008, 08:19 AM
 
56,252 posts, read 28,090,580 times
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Quote:
Originally Posted by bentlebee View Post
How do you know for sure if you get a clean title at closing? Someone told me that even with a title company you can be fooled and not getting a clean title doing a resale. I thought you can trust a title company. Does anybody have any advise on this?
You need to buy title insurance at the closing. This means that even if the title is not clean, you have insurance, and any debt pre-closing the title insurance company becomes liable for.
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Old 01-30-2008, 08:48 AM
 
3,318 posts, read 7,238,181 times
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Quote:
Originally Posted by pghquest View Post
You need to buy title insurance at the closing. This means that even if the title is not clean, you have insurance, and any debt pre-closing the title insurance company becomes liable for.
PG is right on. You are required to pay for "Lender's" coverage if you do a mortgage, but "owners" coverage is optional and protects you the buyer. It is a relatively small one time insurance cost.
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Old 01-30-2008, 12:12 PM
 
Location: New York City
1,836 posts, read 2,002,519 times
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Quote:
Originally Posted by TimtheGuy View Post
PG is right on. You are required to pay for "Lender's" coverage if you do a mortgage, but "owners" coverage is optional and protects you the buyer. It is a relatively small one time insurance cost.
In NY if you purchase property and are getting financing, lenders DO require new owners to get an owners policy and pay for both the owner and loan policies. The owners policy is actually MORE than the mortgage policy as we give a "simultaneous rate" (which is 30% discount of the full rate) on the mortgage policy. There is never a discount on a owners policy unless it is a coop or condo sponsor sale, then all the rates change.

If you purchase with no loan you are not required to get an owners policy but you would be pretty foolish not doing so.

In addtion, NY title insurance rates are pretty expensive compared to the rest of the country.
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Old 01-31-2008, 05:03 PM
 
133 posts, read 338,357 times
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Default title

I am an attorney, and the simple answer is to purchase title insurance. Most lending institutions probably require it anyway. The seller is liable for any problems with the deeds, but of course, you dont want to go through the hassle of a lawsuit and the probablility of not getting anything from the deadbeat if you win the suit!
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Old 02-01-2008, 08:04 AM
 
Location: Tucson
42,846 posts, read 53,342,650 times
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Quote:
Originally Posted by TimtheGuy View Post
PG is right on. You are required to pay for "Lender's" coverage if you do a mortgage, but "owners" coverage is optional and protects you the buyer. It is a relatively small one time insurance cost.
I have the feeling that when most people talk about "title" insurance, they actually mean the lender's insurance.

Here's an article about the difference:

Realty Title Reference - Title Insurance
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