Comments on: All About Title Insurance http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 01:36:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Gwen http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-130841 Gwen Thu, 16 Apr 2009 12:33:57 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-130841 In terms of shopping for the best rate on title insurance, the state of Michigan regulates our rates so the cost of title insurance doesn't vary much between companies. However, you do want to choose an underwriter with a record of longevity knowing that if a claim arisies they'll be around to cover it. As the buyer, you should ask for a title policy "without standard exceptions" which is a bit more thorough. I have this verbiage preprinted in my purchase agreements. As the buyer if you are issued only a "commitment for a policy of title insurance" at the closing table, you should ask the title company to "mark up" the commitment and take it with you since many times the actual policy comes several weeks later. In terms of shopping for the best rate on title insurance, the state of Michigan regulates our rates so the cost of title insurance doesn’t vary much between companies. However, you do want to choose an underwriter with a record of longevity knowing that if a claim arisies they’ll be around to cover it. As the buyer, you should ask for a title policy “without standard exceptions” which is a bit more thorough. I have this verbiage preprinted in my purchase agreements. As the buyer if you are issued only a “commitment for a policy of title insurance” at the closing table, you should ask the title company to “mark up” the commitment and take it with you since many times the actual policy comes several weeks later.

]]> By: Kev http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-116620 Kev Wed, 23 Apr 2008 13:05:20 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-116620 I refinanced a property and used a lawyer. The cost of settlement attorney's fee plus title insurance cost was less than the Lawyer's without title insurance. In a different state I bought a condominium for cash. Again the cost of the settlement attorney's fee (including title search)plus title insurance was less than the attorney's fee (including title search) but without title insurance. There must be some incentive for settlement attorney's to charge for Title Insurance even at the expense of their fees. I refinanced a property and used a lawyer. The cost of settlement attorney’s fee plus title insurance cost was less than the Lawyer’s without title insurance.
In a different state I bought a condominium for cash. Again the cost of the settlement attorney’s fee (including title search)plus title insurance was less than the attorney’s fee (including title search) but without title insurance.

There must be some incentive for settlement attorney’s to charge for Title Insurance even at the expense of their fees.

]]> By: FMF http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-5997 FMF Thu, 18 May 2006 18:44:12 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-5997 Jim -- I agree. But that 1% of the time, it's REALLY worth it! Jim –

I agree. But that 1% of the time, it’s REALLY worth it!

]]> By: Joe http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-5986 Joe Wed, 17 May 2006 21:22:10 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-5986 Where did you find the information about either the buyer/seller customarily paying for title insurance in your state? I looked for quite a while for Colorado, but had a hard time locating the information. Where did you find the information about either the buyer/seller customarily paying for title insurance in your state? I looked for quite a while for Colorado, but had a hard time locating the information.

]]> By: phd http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-5981 phd Wed, 17 May 2006 13:40:57 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-5981 Thanks for the info! Thanks for the info!

]]> By: Blaine Moore http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-5980 Blaine Moore Wed, 17 May 2006 13:31:06 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-5980 I got title insurance on my house a few months ago. It seemed like a good idea... I got title insurance on my house a few months ago. It seemed like a good idea…

]]> By: jim http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-5979 jim Wed, 17 May 2006 12:35:08 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-5979 I think that title insurance is a scam but a necessary evil. For that 1% of the time that you do end up needing it, it's worth getting. I think that title insurance is a scam but a necessary evil. For that 1% of the time that you do end up needing it, it’s worth getting.

]]> By: FMF http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/comment-page-1/#comment-5978 FMF Wed, 17 May 2006 12:09:12 +0000 http://www.fivecentnickel.com/2006/05/17/all-about-title-insurance/#comment-5978 I think it's a good thing to have -- even if you pay cash. It's worth it for the size of the investment you're making. I think it’s a good thing to have — even if you pay cash. It’s worth it for the size of the investment you’re making.

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