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Old 05-21-2009, 10:12 PM
 
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We are thinking of using a title company that is connected to our broker. Does that present a problem? Being from NJ, we used a lawyer for our closing up here- don't understand the purpose of a title company.

Can anyone reccomend a decent insurance company? The quotes are all over the place.
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Old 05-21-2009, 11:28 PM
 
Location: Palm Island and North Port
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Quote:
Originally Posted by joeyddog View Post
We are thinking of using a title company that is connected to our broker. Does that present a problem? Being from NJ, we used a lawyer for our closing up here- don't understand the purpose of a title company.

Can anyone recommend a decent insurance company? The quotes are all over the place.
I don't see any problem with using the title company that is affiliated with your broker. The broker does not get any "extra" payment or anything for using them. We usually recommend someone whom we are familiar with because we feel comfortable doing business with them and we trust them. Most title company fees are pretty similar. A lawyer can handle this instead but usually the fees will be much higher.

Basically the title company's job is to assemble information from many sources, including buyers, seller's mortgage companies, land records and court records. They coordinate with all parties involved in the settlement. Title companies look for any potential problems in the transactions and clear any judgments and/or liens against the parties prior to the transaction.

At the settlement table they collect and disburse funds from the transaction, transfer ownership of property and issue title insurance after settlement. The title company is also responsible for recording the Deed and Deed of Trust in land records. And they also track and record the release of the seller's mortgage.

If you would like to contact me privately I would be happy to give you a few names for insurance companies. City-Data does not like us to post this kind of thing on the board because it's considered advertising.
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Old 05-22-2009, 01:02 PM
 
Location: Ohio
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I don't know why your quotes would be all over the place. I thought that title insurance costs were regulated by law so what else are they adding on?
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Old 05-22-2009, 09:55 PM
 
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Sorry I guess I wasn't very clear- I mean the insurance quotes were anywhere from $1400 to $3300 for the same specs.
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Old 05-23-2009, 06:52 AM
 
Location: Ohio
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Quote:
Originally Posted by joeyddog View Post
Sorry I guess I wasn't very clear- I mean the insurance quotes were anywhere from $1400 to $3300 for the same specs.

You were clear (on my second reading) my bad.
Yes insurance can be priced all over the place. We were very unhappy with State Farm after being with them for 25 years in 2 states, part of it being our local agent and part being that homeowners insurance in FL is a moving target.
We finally took the time to call several other agents, got quotes and switched. We took our whole package (home, car) and got a better rate and a much better agent who returns calls and services us.

Here's the tough part for you and other buyers: it may not be possible to get hurricane/flood insurance written now with hurricane season starting. Many don't write new policies once the season starts.
Ask your RE broker but don't rely on their sayso either, ask the ins. agent directly. And make any RE contract contingent on obtaining a HO policy not to exceed $xxxx.
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Old 05-23-2009, 07:52 AM
 
Location: Palm Island and North Port
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Originally Posted by imagardener View Post
You were clear (on my second reading) my bad.
Yes insurance can be priced all over the place. We were very unhappy with State Farm after being with them for 25 years in 2 states, part of it being our local agent and part being that homeowners insurance in FL is a moving target.
We finally took the time to call several other agents, got quotes and switched. We took our whole package (home, car) and got a better rate and a much better agent who returns calls and services us.

Here's the tough part for you and other buyers: it may not be possible to get hurricane/flood insurance written now with hurricane season starting. Many don't write new policies once the season starts.
Ask your RE broker but don't rely on their sayso either, ask the ins. agent directly. And make any RE contract contingent on obtaining a HO policy not to exceed $xxxx.

Good Point Gardner! I believe that insurance companies can't write policies if there is a hurricane within so many miles of Florida. Like Gardner said, check with your insurance company to clarify this but I think that's how it works. Some summers it gets a little crazy. We can have closings for three days then they can't write for four days then again for two days, you get the picture.
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Old 05-23-2009, 09:41 AM
 
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If it were me, I would not use a title company. I would hire a lawyer to write the title insurance. It is the same insurance at the same price (rates are set by the state), but you get the lgal advice and someone looks out for your interests. And-it doesn't cost any more, because the leagal advice comes with the title insurance cost. Talk to a real estate lawyer.
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Old 05-23-2009, 01:15 PM
 
Location: Palm Island and North Port
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Quote:
Originally Posted by Lilybeans View Post
If it were me, I would not use a title company. I would hire a lawyer to write the title insurance. It is the same insurance at the same price (rates are set by the state), but you get the lgal advice and someone looks out for your interests. And-it doesn't cost any more, because the leagal advice comes with the title insurance cost. Talk to a real estate lawyer.
The actual title insurance would be the same but for performing the closing the lawyers would almost always be more. Most of the lawyers that do closings for the foreclosures around here are on the other coast and they usually charge some pretty hefty fees but the banks almost always pick up this cost.
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Old 05-23-2009, 09:06 PM
 
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Originally Posted by SoFLGal View Post
The actual title insurance would be the same but for performing the closing the lawyers would almost always be more. Most of the lawyers that do closings for the foreclosures around here are on the other coast and they usually charge some pretty hefty fees but the banks almost always pick up this cost.
Most lawyers I know include the legal fees and charge no more than the title insurance fees. Bank lawyers are different than real estate lawyers.
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Old 05-23-2009, 10:23 PM
 
Location: Ohio
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Originally Posted by SoFLGal View Post
The actual title insurance would be the same but for performing the closing the lawyers would almost always be more. Most of the lawyers that do closings for the foreclosures around here are on the other coast and they usually charge some pretty hefty fees but the banks almost always pick up this cost.

I agree. We had a sale where the buyer wanted to use an attorney (relative) which meant we then had to have one and it did cost more than a previous settlement done by title company. And no we didn't get any more for our money with the attorney involved.

But having said that, the last purchase we made, the title co. had an attorney on staff and he answered questions and was at the settlement.No extra charge.
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