Red Robin said:I guess this might be too boring of a topic but I personally think title insurance isn't worth the paper it's wrote on. Just another profit center for the lender. Any comments? Sandhusker you want to straiten me out? At least with an abstract I can know who's owned it and have some sense of what's likely went on with a place over the years, plus I like to see who owned a property and when just for nostalgia I guess.
You couldn't just advertise and quiet title? Surveying is another nuisance.Mike said:Red Robin said:I guess this might be too boring of a topic but I personally think title insurance isn't worth the paper it's wrote on. Just another profit center for the lender. Any comments? Sandhusker you want to straiten me out? At least with an abstract I can know who's owned it and have some sense of what's likely went on with a place over the years, plus I like to see who owned a property and when just for nostalgia I guess.
What bothers me is you pay a lawyer to put together an abstract and then have to pay for title insurance in case he made a mistake?
What's wrong with this picture?
I spent a whole year in a county courthouse a few years back doing title research on some "Heir" property in my Dad's family. In order to trace ownership back, extensive geneaology work was required because the lawyers couldn't figure it out. Said it couldn't be done.
I finally got it figured out with about 100 heirs. Most of them just quit claim deeded their portion to me because of all the work and I still was in the hole with expenses at the end with 92 acres. :roll:
Hadn't been surveyed since 1892 either........................... :roll:
Red Robin said:Title insurance just guarantees claims against recorded transactions right? What if someone holds a mortgage that's unrecorded? The insurance doesn't warrant against that.
You couldn't just advertise and quiet title?
Never been in on an heir type transaction. The only advertised title I am familiar with was where there was a joint ownership of a church in the 1800's and then in the 1950's the sole remaining denomination advertised for a clear title and was granted one. They advertised locally. They declared title to the center of the creek as well as the remaining boundaries. They traded some water rights in the 70's for additional land from a church member. I bought the land and the grand kids now recently said that the church didn't own to the center of the creek to give the water rights. The abstract showed proper documentation (abstract drawn in the 70's) but the recent title insurance didn't find it. They weren't very happy with me even though the court ordered declaration was from the 50's and all of it was well documented . I don't think they ended up mad but they didn't like it. They weren't using it anyway and neither do I but I can if I want to.Mike said:You couldn't just advertise and quiet title?
No. Advertise where? All over the country?
There must be a bonafide effort (beyond advertising) to contact all the heirs.
Does the lender not make a profit from the sale of the insurance? Title searches don't always find everything recorded.Richard Doolittle said:I didn't know anyone updated abstracts any more.
The title insurance premium is paid to a title insurance company, not the lender. Around here it is based on a search of anything recorded in the county court house that has an affect of the title of the property.
Red Robin said:Does the lender not make a profit from the sale of the insurance? Title searches don't always find everything recorded.Richard Doolittle said:I didn't know anyone updated abstracts any more.
The title insurance premium is paid to a title insurance company, not the lender. Around here it is based on a search of anything recorded in the county court house that has an affect of the title of the property.
fulton said:The lender makes no money what-so-ever on the title insurance policy.