I was really happy with my title attorney from my recent vacant land purchases -- the title company provided far more value to the transactions than the real estate agent. FWIW, NPR's funding from the government is less than 1% of their $300m budget.
The fees are fully disclosed by the attorney in IL at the very outset. I don't know about other states. BUT the commission from the title insurance company to the attorney is not disclosed on the Closing Statement, i.e. Combined Settlement Statement. ALSO, it is not fair to say the Buyer must do his own due diligence on this particular issue. The commission paid from TI to Atty is only disclosed on the Controlled Business Arrangement Statement (DS1).
In Texas Title Premium splits are disclosed from the onset. If a Controlled Business Arrangement Statement is used, it's sole purpose is to let you know there is a Controlled Business Arrangement, meaning there is shared interest in the fees being charged. In Texas this is also noted on the Closing Disclosure and/or T-64. Although different states vary a little.
@@michaeladams4280 Yes the various states use different forms. There is a national form, the Combined ALTA Settlement Statement, that is used in many states. I do not know if it is used in TX.
@@jcavenagh If there is a loan involved the Fed's (CFPB) require a CD that is prepared by the lender. The ALTA settlement statement is used on cash or hard money deals.
I did a Phase I ESA on a property and still got dragged into a title issue where there was an issue with one of the two sheriff sales on the property. One in the 60's and one in 2019. The guy that bought it that I worked for did not pay me in full and I had placed a lien on the property along with the flat out incompetence of the sheriff. (he also won re-election). Thanks to covid this just got finished. I got my money, from the title insurance pay out and the true owners got the land and building. Remember all land is unique, not interchangeable and price is always interesting. I still think it is interesting just how fast the people that got it at the sheriffs sale sold it. Also, there is also a separate book in the vault for sherriff sales that you have to flip through to find those in PA. God and dealing with DEP that cannot even locate things other than zip code since we used rural routes and changed to the 911 readdressing back 15- 20 years ago.
Sounds like one of those horror story searches. I once had to search a railroad siding spur relating to the sale of a factory. This was around 1980 so no computer searching. It took me over two weeks because first I had to track back to original land grant in 1818 and then work my way all the way back up. This was in Cook County IL. Railroads bought and sold their companies to/from each other and there were mergers, etc. so ownership was not necessarily reflected by correct name in the chain.
@@jcavenagh Try finding an old zonolite (the asbestos home insulation from Libby Montana) on a rail siding. Just the walls were left where they cooked the ore to make it puff up. Then there was also a coal gasification site on the other side of the property line. until I went through the books no one knew of that site and the NY DEC had to add it to the list.
I just went down a rabbit hole about Massachusetts title insurance and how lawyers take advantage of the monopoly they and the banks have created. Big huge unnecessary business that’s forced if your getting a loan your forced to hire a lawyer because I guess in Massachusetts you can’t close without a lawyer… seems like everybody’s in kahoots with each other and the commonwealth has no regulations and kinds of lets the banks call the shots Edit: average MA residents are taken advantage of by banks forcing you to hire a lawyer that can charge any amount and also disguise their commission behind buyers ignorance of the cost of title insurance/searchs.
You may know what you are talking about, but your assessment here is vague, nonspecific, and not particularly convincing, and you have more "skin in the game" than does NPR.
I was really happy with my title attorney from my recent vacant land purchases -- the title company provided far more value to the transactions than the real estate agent.
FWIW, NPR's funding from the government is less than 1% of their $300m budget.
The fees are fully disclosed by the attorney in IL at the very outset. I don't know about other states. BUT the commission from the title insurance company to the attorney is not disclosed on the Closing Statement, i.e. Combined Settlement Statement.
ALSO, it is not fair to say the Buyer must do his own due diligence on this particular issue. The commission paid from TI to Atty is only disclosed on the Controlled Business Arrangement Statement (DS1).
In Texas Title Premium splits are disclosed from the onset. If a Controlled Business Arrangement Statement is used, it's sole purpose is to let you know there is a Controlled Business Arrangement, meaning there is shared interest in the fees being charged. In Texas this is also noted on the Closing Disclosure and/or T-64. Although different states vary a little.
@@michaeladams4280 Yes the various states use different forms. There is a national form, the Combined ALTA Settlement Statement, that is used in many states. I do not know if it is used in TX.
@@jcavenagh If there is a loan involved the Fed's (CFPB) require a CD that is prepared by the lender. The ALTA settlement statement is used on cash or hard money deals.
I did a Phase I ESA on a property and still got dragged into a title issue where there was an issue with one of the two sheriff sales on the property. One in the 60's and one in 2019. The guy that bought it that I worked for did not pay me in full and I had placed a lien on the property along with the flat out incompetence of the sheriff. (he also won re-election). Thanks to covid this just got finished. I got my money, from the title insurance pay out and the true owners got the land and building. Remember all land is unique, not interchangeable and price is always interesting. I still think it is interesting just how fast the people that got it at the sheriffs sale sold it. Also, there is also a separate book in the vault for sherriff sales that you have to flip through to find those in PA. God and dealing with DEP that cannot even locate things other than zip code since we used rural routes and changed to the 911 readdressing back 15- 20 years ago.
Sounds like one of those horror story searches. I once had to search a railroad siding spur relating to the sale of a factory. This was around 1980 so no computer searching. It took me over two weeks because first I had to track back to original land grant in 1818 and then work my way all the way back up. This was in Cook County IL. Railroads bought and sold their companies to/from each other and there were mergers, etc. so ownership was not necessarily reflected by correct name in the chain.
@@jcavenagh Try finding an old zonolite (the asbestos home insulation from Libby Montana) on a rail siding. Just the walls were left where they cooked the ore to make it puff up. Then there was also a coal gasification site on the other side of the property line. until I went through the books no one knew of that site and the NY DEC had to add it to the list.
@@brett76544 Yuck. And liability for any cleanup goes on and on through all the owners....
I just went down a rabbit hole about Massachusetts title insurance and how lawyers take advantage of the monopoly they and the banks have created. Big huge unnecessary business that’s forced if your getting a loan your forced to hire a lawyer because I guess in Massachusetts you can’t close without a lawyer… seems like everybody’s in kahoots with each other and the commonwealth has no regulations and kinds of lets the banks call the shots
Edit: average MA residents are taken advantage of by banks forcing you to hire a lawyer that can charge any amount and also disguise their commission behind buyers ignorance of the cost of title insurance/searchs.
You may know what you are talking about, but your assessment here is vague, nonspecific, and not particularly convincing, and you have more "skin in the game" than does NPR.