I gotta use a big word. Todd? Mr. Sachs? I very much appreciate your "specificity". I know it isn't easy to be that specific, it requires research, recital, and composure. Your show is so well composed, I hope your viewers appreciate how much work goes into your practice (and thanks to your 'behind the scenes' crew! Ya'll are great). Thanks for hosting Mrs. Mestayer, Esq. So nice to see a competitive legal chief, willing to challenge the status quo of insurance for profits (aka it seems she knows that diffusion is not the solution, but rather, precision and accountability is the solution!) Love it. Love the show. Ya'll are great (again).
It should be the titles companies sole responsibility to ensure their work... They charge fees to do so... So what are you paying them for if they can't do their job?
They can do their job, or what they were legally contracted to do, but in the end will do anything and everything to avoid paying out any claims so they can keep as much of their profit as possible, just like every other type of FOR-PROFIT insurance scam company!
Let me be clear. We are in a multi million dollar lawsuit against our original developer that filed "wild deeds" retaining property rights AFTER all the lots were sold. If it were not for title insurance, all of the homeowners in our development would have been SOL. Buy title insurance!
Why aren't these types criminally prosecuted? That type of nefarious intent has to fall under some type of malicious or predatory business practices statute?
Even apartment numbers can be mixed up in a condo! It’s a waste of money because if they issue it, then it means you are already very low risk, but in the rare event you need it, you’ll be happy you got it!
Title insurance is a scam, in my opinion. I realized this vecause i have owned many properties and had 2 titke issues. The insurance replied an immediate denial letter on one, and the other was a string along letter. I will never buy it again!
Just trying to bring you the information as it comes. One thing we know for sure is the housing market is unaffordable. Thanks so much for watching and commenting.🙏
A title company is responsible for verifying that the property has "clear title". There is absolutely no reason for a buyer to purchase title insurance. The title company has the sole responsibility and accountability to ensure the title is fully clear.
Purchased a home from a reputable agency. Used a good agent. Paid $1,000 to a reputable title insurance company to do a title search. They missed all of the problems with my property and then wouldn’t let me file a claim to fix it and told me it’s not their problem. I had to track down all of the paperwork errors myself, pay thousands in taxes, and beg the person on title to sign over half of my property. So if I had to do their job for them shouldn’t I at least get my money back? In my experience title insurance is a scam. They didn’t do their job, took my money, and in the end I could’ve used that money to solve the problems I had to fix instead of giving it to the useless title insurance company.
@@faithsrvtrip8768 I got really lucky in the end. The person was really helpful and helped me to get it corrected but it could’ve gone very badly and I was really disappointed in how they treated me when I had a problem. Essentially they want to take in all of the money then do as little as possible after the fact if theres a problem because thats profitable for them. It would have cost them time and money to do the right thing so they just told me to get lost.
You should have used a national company agent like old colony. You used a no name agent.or you should have called the national company backing it and had them figure it out. I listened to their TH-cam lectures and they don’t strike me as total scammers. It sounds like the agent messed up and should have fixed their mistakes for free. If you use a reputable title agency office they will have the resources to do it. My title lawyer made a typo on my name and filed a deed correction to fix it for free.
I found that out when I lost my house of 31 years to fraud. Then sold my house 4 times and then tried to say it was worth that balance. Why couldn't I do that? It needed lots of work. who would buy an old 125 year old house in a bad neighborhood that needs at least $40,000 worth of work for $77,000? Is that how they figure inflation? They originally bought it with a PPP loan. Compliments of the government.
Not in my opinion. Title insurers paid a majority of the claims filed, that I dealt with. They go back to the prior title issuer for repayment of any losses.
@@hollymartin3291 Don't get me wrong, you will likely get it out of them eventually. It's just a lot of work and that has cost. I hate dealing with any insurance agency, any check I get out of it usually isn't worth my effort.
@@hollymartin3291 well congradu-fu-kin-lations! Look folks we found the 1 out of a handful of winners at this racket of a game of chance! Someone get the lady her prize!!!!! Count yourself lucky then tootz. Cause what your story turned out to be, likely isn't the norm, by ANY stretch of the imagination .
I've mentioned this before. Last year, we were contracted for a home that our title insurance said was probably encroaching on the neighbors (sellers disclosed it 10 days after ratification). The title company tried to force us to sign easements that they drew up. We refused! You can't be forced to accept something that wasn't part of the original contract. They then wanted the sellers to sign them and they didnt want to either. All while the title company tricked the neighbors into allowing the easements even though one had a mortgage and they were never advised to get permission from their lender which is required OR the lender could have called the loan. Fortunately the seller pulled out of the deal which was fine by us given the mess that the title company created.
I purchased a foreclosure in 2012 in Ohio, bought title insurance, there was a discrepancy with the deed in 2018, I tried to make a claim of course, but the title insurance company had gone bankrupt since when I bought the policy, so I was stuck with paying to fix the deed. The issue with the deed was from the 1960s, so tells me I wasted my money, considering I had to pay to fix the issue.
Thanks Todd,grew up in new york,worked for ny state 35 yrs,HVAC TEC,MOVED TO Florida 2018,hard to believe how much has happened since then,i also moved from westpalm to lakeworth fl four yrs ago,always rented,so was surprised by all insurance and closing costs,don't really know much about reality, but do enjoy your show ,and have shared it with friends,thanks
You said watch real estate mindset , youtube the gentlemen. mitch. We'll explain to you how the local authorities have turned property taxes into a fraud.
How about mechanics liens from sub contractors who were not paid by a general contractor who say...re roofed the home? As an agent since 1973 and a specialty contractor since 1986,,,,its been drilled into my head...get title insurance.
Ive used Fidelity Nationa!, Old Republic, First Americsn, trans American and about three others for homes ive bought over the years. it always irked me in a refi having to get new policies.
About 15 years ago, I sold a two unit home to a guy who owned hundreds of area homes and apartments. Some company came up on the title search. I never owed anyone anything. He said “I don’t care” and the sale went through in cash. I wonder to this day….maybe a tenant of mine owed them? I don’t know how that company came up on the search.
This is a very interesting idea. Sounds like attorneys are starting to eat each other? Never thought I'd see that. The question I have is what happens if an issue or lien slips through that opinion letter. Who is responsible and who pays for the missed issue? Big risk without title insurance in those situations. Example a mechanics lien and other types.
I live in 55over,this president, if you look at him wrong,he's starts talking about putting a lean on your place,i got 850 credit score,have never missed a mortgage, HOA,or any payment,in 50yrs,because i won't replace my new door,with the so called hurricane grade door,he's threatened me with lean,i pretty confident we will be coming to blows
I would read the fine print on the title policy binder because I've seen some have "exclusions" or risk limitations... especially when it comes to waterfront homes and navigable waterways/bulkheads.
Just lawyers trying to get involved in selling a substitute for title insurance. The attorneys net worth and ability to pay is key, as is their E&O carriers financial stability. Most of the major title companies have long established reserves and huge lien history databases. Large title compsnies with high volumes will eventually compete and offer a similar option
? Would a property ( defendant) 'owner's claim in the foreclosure court hearing that the bank was not Real Party in Interest be a reason to rescind a title insurance binder and not sell the title insurance on property as they may see a clouded title?
Worked in the same scenario for 22 yrs , doing REO resales for banks, fixed a ton of title issues over those years. Without the title insurance, the cost would have been hefty for the uninsured.
Holly can you give us an example of where a buyer’s claim was paid from title insurance? I’ve purchased foreclosures for years and have never personally seen a claim paid. I’ve seen the title agent come out of pocket on small bills missed during abstract. Thanks.
What about the appraiser fraud ,, they are not even coming to see the homes here in Hull, Québec. What is the law regarding this. They appear to be appraising by photo only .. by exterior photos.
Houses are the most expensive things most people buy. Instead of this type of service ,shop around to get a more reasonable price for title insurance and investigate the companies to see if they're legitimate.
Hey Todd, there are different levels of surveys. The mortgage one is the cheapest and called a “tape survey”. That’s the one you bought for $300. It is STAMPED “legally not valid in court”. It is not legally valid because it is so cheap. Not meant to be very accurate. Secondly, the average title police does NOT include coverage for boundary disputes! That’s right, in the exclusions section of the policy it says I lawyer language the property bounds are not covered. So encroachment may or may not be covered - ASK your title lawyer agent. They won’t lie about it. BUT if you get a $4,000 ALTA survey before you buy, they WILL include coverage for the property bounds. The fact they deny most claims.. really? Maybe most claims are just really not included and people trying to swing a fast one by them. To me it seems they insure the title chain and against liens and unexpected claims. However the BS part is THEY should insure against mistakes by their title lawyer agent working with them. They signed up with the title company so the company should own any of their mistakes. Just like a hospital is responsible for any mistakes of their doctors.
Title description errors are pretty minor events, and limited loss exposure, and can be corrected/modified with a replacement deed. Seldom is there a catastrophic loss unless fraud is involved, like in a whole subdivision
In FLORIDA, I LOST A 3,000 Sq Ft to A HOA for $11,000. 2013. The government in Tallahassee made a law and after the sweep. They canceled the law. I served 20 years in the Army and the Judge in Vero Beach said no when i asked for more time. And auction my home❤
Been in use since the late 1999 when MERS was rolled out to electronically track property transfer rights, deeds and servicing rights on a secured tracking system. Over 80% of lenders use it to save property transfer costs.
Todd, for being in RE you fail to see that an appraisal also protects the buyer in reaffirming the condition and value, as it may not appraise for the loan limits. Any fees the lender would have to pay would get passed on in loan approval fees, as lenders wont just absorbe additional costs. Junk fees for fools, it all gets added in.
Am new to your podcast..very glad I found you as I think you provide a range and wealth of important/ useful knowledge and info that is crucial to helping homeowners more successfully navigate the home buying process. Keep up the excellent work and I will keep watching/listening.
Get Title insurance. We had a house we paid cash for the the bank tried to foreclose on us 6 months after we bought it. Turns out the lawyer the bank paid who was listed as the owner never paid off the loan and ran off with the money. Our Title insurance covered it and the guy went to jail... We didn't have to do anything.... Get Title insurance it's only like a $1000 bucks or something and gives you piece of mind
Title insurance is really over priced and i would think that should fall on the title company itself, they do the title search they should have insurance themselves rather than every buyer. Paying title insurance to refi your your own property is a scam in my opinion.
So interesting the real estate items coming to light! Agents to get mls access are forced to be NAR members and yep homeowners have to have home insurance they have to buy title insurance. So many services that are forced on consumers . Doj going to investigate insurance companies or just real estate agents?
I’m actually in the process of sale of property and have to do a title correction because the lender mistakenly conveyed 81 acres when it should be just a condo unit. This is taking a while to fix
@@weaverdreams I was thinking about it lol. Lawyer said even though it was a mistake by the builder, I would have to prove intent to buy the 81 acres. Probably can’t prove because the units were not vacant and already had purchased units.
What about Adverse Possession? I had a contract ready to close and the neighbor who was related to the seller, had a survey done to claim the land that he had been maintaining for many years add boundaries that encroached on the sellers lot; about 900 sq ft. Before the closing we questioned the title company and they would not insure the title.
Yeah encroachments are tough. I have seen certain title companies still underwrite the policy. They just excluded the encroachment. There is a great title company that covers many states. Crown Title, Attorney owned. Attorney is David Thurston, call them next time.
@@SachsRealtyIf they exclude the encroachment then there is no dispute. If the property is a house the walls and fences will be evidence of adverse possession.
Blockchain sounds nice but technology’s biggest flaw is it can be hacked. Even encryption methods. Certain things have to me material and verifiable in nature even if it means extra cost. Example is like Birth certificate. I would be happy with it just being on a cloud like other personal documents but have to pay to mail for a verified physical copy.
Tu Shay... I see now after watching most the way through, that there is still insurance involved. It's just a stream lined process, that is much more affordable for all parties involved. Interesting.
I need your assistance. I would like to know if the seller has the legal right to choose the title company or does the broker do that? Can the broker force the seller to sign an authorization to their financial accounts? And why would the broker need this info if you are the seller? Seller has been told they need it for escrow??? Please help.
Some states the seller pays/picks the title company, others the buyer does. As for selecting which title company, if a buyer or seller doesn’t know of a title company (which many times they don’t) they will ask their Broker/Agent for company suggestions. I’ve never heard of a broker forcing a seller to sign an authorization for them to contact financial institutions of the seller. The title company may ask for this to obtain payoff or lien information. Send me an email if you wish to talk. ts@sachsrealty.com
I gotta use a big word. Todd? Mr. Sachs? I very much appreciate your "specificity". I know it isn't easy to be that specific, it requires research, recital, and composure. Your show is so well composed, I hope your viewers appreciate how much work goes into your practice (and thanks to your 'behind the scenes' crew! Ya'll are great). Thanks for hosting Mrs. Mestayer, Esq. So nice to see a competitive legal chief, willing to challenge the status quo of insurance for profits (aka it seems she knows that diffusion is not the solution, but rather, precision and accountability is the solution!) Love it. Love the show. Ya'll are great (again).
🙏 Love this and thank you.
It should be the titles companies sole responsibility to ensure their work... They charge fees to do so... So what are you paying them for if they can't do their job?
They can do their job, or what they were legally contracted to do, but in the end will do anything and everything to avoid paying out any claims so they can keep as much of their profit as possible, just like every other type of FOR-PROFIT insurance scam company!
Let me be clear. We are in a multi million dollar lawsuit against our original developer that filed "wild deeds" retaining property rights AFTER all the lots were sold. If it were not for title insurance, all of the homeowners in our development would have been SOL. Buy title insurance!
Sounds like you haven’t been paid?
Who is the dev?
Why aren't these types being criminally prosecuted? That should fall under some type of malicious or predatory business practices clause
Why aren't these types criminally prosecuted? That type of nefarious intent has to fall under some type of malicious or predatory business practices statute?
Even apartment numbers can be mixed up in a condo! It’s a waste of money because if they issue it, then it means you are already very low risk, but in the rare event you need it, you’ll be happy you got it!
Title insurance is a scam, in my opinion. I realized this vecause i have owned many properties and had 2 titke issues. The insurance replied an immediate denial letter on one, and the other was a string along letter. I will never buy it again!
BTW, I ended up fixing both issues on my own without any help from title insurance!
@@patrickmelson4745 You should write a book.
Thank you for taking the cover off the fees and commissions that reveal what is really being purchased and the real value to consumer
Just trying to bring you the information as it comes. One thing we know for sure is the housing market is unaffordable. Thanks so much for watching and commenting.🙏
A title company is responsible for verifying that the property has "clear title". There is absolutely no reason for a buyer to purchase title insurance. The title company has the sole responsibility and accountability to ensure the title is fully clear.
Purchased a home from a reputable agency. Used a good agent. Paid $1,000 to a reputable title insurance company to do a title search. They missed all of the problems with my property and then wouldn’t let me file a claim to fix it and told me it’s not their problem.
I had to track down all of the paperwork errors myself, pay thousands in taxes, and beg the person on title to sign over half of my property. So if I had to do their job for them shouldn’t I at least get my money back? In my experience title insurance is a scam. They didn’t do their job, took my money, and in the end I could’ve used that money to solve the problems I had to fix instead of giving it to the useless title insurance company.
Would you come on the show with me on Tuesday night to tell your story? If so please email me ts@sachsrealty.com. Thank you. 🙏
Oh what a nightmare! That sounds awful!
@@faithsrvtrip8768 I got really lucky in the end. The person was really helpful and helped me to get it corrected but it could’ve gone very badly and I was really disappointed in how they treated me when I had a problem. Essentially they want to take in all of the money then do as little as possible after the fact if theres a problem because thats profitable for them. It would have cost them time and money to do the right thing so they just told me to get lost.
Couldn't you sue the title insurance company, even in small claims court for the costs you incurred?
You should have used a national company agent like old colony. You used a no name agent.or you should have called the national company backing it and had them figure it out. I listened to their TH-cam lectures and they don’t strike me as total scammers. It sounds like the agent messed up and should have fixed their mistakes for free. If you use a reputable title agency office they will have the resources to do it. My title lawyer made a typo on my name and filed a deed correction to fix it for free.
We are in a place where everything is corrupted
Agree with you on that one!
and that is why our societies are in bad shape these days
Absolutely
I found that out when I lost my house of 31 years to fraud. Then sold my house 4 times and then tried to say it was worth that balance. Why couldn't I do that? It needed lots of work. who would buy an old 125 year old house in a bad neighborhood that needs at least $40,000 worth of work for $77,000? Is that how they figure inflation? They originally bought it with a PPP loan. Compliments of the government.
Please talk more about buyers paying cash.
I just did that and closed in 14 days. Its in a manuf. home old folks park. I got zero junk mail after closing I guess cause its personal property.
Typical insurance racket. You probably will never need it and when you do it's just as big a fight as not having the insurance.
Preach! 💪
Sadly, this is the truth of the matter
Not in my opinion. Title insurers paid a majority of the claims filed, that I dealt with. They go back to the prior title issuer for repayment of any losses.
@@hollymartin3291 Don't get me wrong, you will likely get it out of them eventually. It's just a lot of work and that has cost. I hate dealing with any insurance agency, any check I get out of it usually isn't worth my effort.
@@hollymartin3291 well congradu-fu-kin-lations! Look folks we found the 1 out of a handful of winners at this racket of a game of chance! Someone get the lady her prize!!!!! Count yourself lucky then tootz. Cause what your story turned out to be, likely isn't the norm, by ANY stretch of the imagination .
I've mentioned this before. Last year, we were contracted for a home that our title insurance said was probably encroaching on the neighbors (sellers disclosed it 10 days after ratification). The title company tried to force us to sign easements that they drew up. We refused! You can't be forced to accept something that wasn't part of the original contract. They then wanted the sellers to sign them and they didnt want to either. All while the title company tricked the neighbors into allowing the easements even though one had a mortgage and they were never advised to get permission from their lender which is required OR the lender could have called the loan. Fortunately the seller pulled out of the deal which was fine by us given the mess that the title company created.
I purchased a foreclosure in 2012 in Ohio, bought title insurance, there was a discrepancy with the deed in 2018, I tried to make a claim of course, but the title insurance company had gone bankrupt since when I bought the policy, so I was stuck with paying to fix the deed.
The issue with the deed was from the 1960s, so tells me I wasted my money, considering I had to pay to fix the issue.
So the big question is how much do these title companies pay out in actual claims??
I just looked it up it's only 5%!!!!! SCAM
@@patrickmelson4745 a 5% payout rate for a low probability event is nuts.
@@patrickmelson4745 as little as legally possible
Covered my claim
What are the details? @@BeachbumBrianCampbell
Thanks Todd,grew up in new york,worked for ny state 35 yrs,HVAC TEC,MOVED TO Florida 2018,hard to believe how much has happened since then,i also moved from westpalm to lakeworth fl four yrs ago,always rented,so was surprised by all insurance and closing costs,don't really know much about reality, but do enjoy your show ,and have shared it with friends,thanks
You said watch real estate mindset , youtube the gentlemen. mitch. We'll explain to you how the local authorities have turned property taxes into a fraud.
Right on time! Thanks Todd!!!
you would be insane not to buy title insurance. another lawyer another scam.
Curious, do you own a title company?
@@PS-qz1zn sounds like a personal opinion
Not all scenarios require it.... example my dad built this house. Zero debt and no leans.... transfer deed to me WE KNOW it's clear.
How about mechanics liens from sub contractors who were not paid by a general contractor who say...re roofed the home?
As an agent since 1973 and a specialty contractor since 1986,,,,its been drilled into my head...get title insurance.
Ive used Fidelity Nationa!, Old Republic, First Americsn, trans American and about three others for homes ive bought over the years. it always irked me in a refi having to get new policies.
About 15 years ago, I sold a two unit home to a guy who owned hundreds of area homes and apartments. Some company came up on the title search. I never owed anyone anything. He said “I don’t care” and the sale went through in cash. I wonder to this day….maybe a tenant of mine owed them? I don’t know how that company came up on the search.
This is a very interesting idea. Sounds like attorneys are starting to eat each other? Never thought I'd see that. The question I have is what happens if an issue or lien slips through that opinion letter. Who is responsible and who pays for the missed issue? Big risk without title insurance in those situations. Example a mechanics lien and other types.
Ask her. 💪
I live in 55over,this president, if you look at him wrong,he's starts talking about putting a lean on your place,i got 850 credit score,have never missed a mortgage, HOA,or any payment,in 50yrs,because i won't replace my new door,with the so called hurricane grade door,he's threatened me with lean,i pretty confident we will be coming to blows
Good episode. Great guest. Keep up the nice work Stacy!
Very informative!
Hi Kathy ✋
I did 2 or 3 VA "streamlined" IRRLs (interest rate reduction loans) and I absolutely had to re-pay for title insurance every single time!
Thanks for your comment. 🙏
There should be just a transfer fee of maybe $100 and that's all... You;re not changing properties, you just adjusting the rate and payment...
This seems to effectively shift the burden of a claim from a title insurance policy to the law firm’s malpractice/E&O insurance policy.
Thanks Todd, this is so helpful!👍👍👍🙏
Thanks for watching 💪
When we bought our home, There was title insurance in the closing docs
That is why sellers will start giving the mortgage to the buyer. Bank fees, closing cost history.
First American title is trash. They were dropping the ball left and right in 2020-2021
I was an agent in the 70s and used them a couple times. We had a wonderful escrow officer at Fidelity so stuck with Cindy 90% of the time.
I would read the fine print on the title policy binder because I've seen some have "exclusions" or risk limitations... especially when it comes to waterfront homes and navigable waterways/bulkheads.
Ty for always putting out good content. Appreciative
Thank you, I learned a lot.
Love that!
Just lawyers trying to get involved in selling a substitute for title insurance. The attorneys net worth and ability to pay is key, as is their E&O carriers financial stability. Most of the major title companies have long established reserves and huge lien history databases. Large title compsnies with high volumes will eventually compete and offer a similar option
I didn't know I had the option, with a VA loan, of not buying title insurance. This is news!
News to me also. 💪
Not buying lenders policy or owners policy?
Hey I was just wondering what to watch this weekend, then I saw this pop up 👍 thanks hope you doing well bro!
Lol, same!
? Would a property ( defendant) 'owner's claim in the foreclosure court hearing that the bank was not Real Party in Interest be a reason to rescind a title insurance binder and not sell the title insurance on property as they may see a clouded title?
Great interview Todd
Thank you so much
Great Job
Thank you Larry
Worked in the same scenario for 22 yrs , doing REO resales for banks, fixed a ton of title issues over those years. Without the title insurance, the cost would have been hefty for the uninsured.
Holly can you give us an example of where a buyer’s claim was paid from title insurance? I’ve purchased foreclosures for years and have never personally seen a claim paid. I’ve seen the title agent come out of pocket on small bills missed during abstract. Thanks.
What about the appraiser fraud ,, they are not even coming to see the homes here in Hull, Québec.
What is the law regarding this. They appear to be appraising by photo only .. by exterior photos.
Houses are the most expensive things most people buy. Instead of this type of service ,shop around to get a more reasonable price for title insurance and investigate the companies to see if they're legitimate.
? Ever run into foreclosures from 2080 securitization era where could not determine who actually owned the property?
Hey Todd, there are different levels of surveys. The mortgage one is the cheapest and called a “tape survey”. That’s the one you bought for $300. It is STAMPED “legally not valid in court”. It is not legally valid because it is so cheap. Not meant to be very accurate. Secondly, the average title police does NOT include coverage for boundary disputes! That’s right, in the exclusions section of the policy it says I lawyer language the property bounds are not covered. So encroachment may or may not be covered - ASK your title lawyer agent. They won’t lie about it. BUT if you get a $4,000 ALTA survey before you buy, they WILL include coverage for the property bounds. The fact they deny most claims.. really? Maybe most claims are just really not included and people trying to swing a fast one by them. To me it seems they insure the title chain and against liens and unexpected claims. However the BS part is THEY should insure against mistakes by their title lawyer agent working with them. They signed up with the title company so the company should own any of their mistakes. Just like a hospital is responsible for any mistakes of their doctors.
Title description errors are pretty minor events, and limited loss exposure, and can be corrected/modified with a replacement deed. Seldom is there a catastrophic loss unless fraud is involved, like in a whole subdivision
In FLORIDA, I LOST A 3,000 Sq Ft to A HOA for $11,000. 2013.
The government in Tallahassee made a law and after the sweep. They canceled the law. I served 20 years in the Army and the Judge in Vero Beach said no when i asked for more time. And auction my home❤
That’s terrible 😢
In IL you cant buy title insurance wuthout going through an attorney. No direct sales to consumers
The insurance title company that’s doing the research should have the insurance not the buyer
Liens have to be recorded by the city to be valid.
Every house should be a dynamic NFT thst be stored in a blockchain
It’s coming!
It wouldn't have to be block chain, but so long as there's only one place to search, that would work.
Been in use since the late 1999 when MERS was rolled out to electronically track property transfer rights, deeds and servicing rights on a secured tracking system. Over 80% of lenders use it to save property transfer costs.
if you have a land deed, then what do you need title insurance for?
Great information, I am a broker and I would love to get in touch with Stacey.
Thank you!!! 👍
Todd, for being in RE you fail to see that an appraisal also protects the buyer in reaffirming the condition and value, as it may not appraise for the loan limits. Any fees the lender would have to pay would get passed on in loan approval fees, as lenders wont just absorbe additional costs. Junk fees for fools, it all gets added in.
Am new to your podcast..very glad I found you as I think you provide a range and wealth of important/ useful knowledge and info that is crucial to helping homeowners more successfully navigate the home buying process. Keep up the excellent work and I will keep watching/listening.
Thank you so much 💪
Get Title insurance. We had a house we paid cash for the the bank tried to foreclose on us 6 months after we bought it. Turns out the lawyer the bank paid who was listed as the owner never paid off the loan and ran off with the money. Our Title insurance covered it and the guy went to jail... We didn't have to do anything.... Get Title insurance it's only like a $1000 bucks or something and gives you piece of mind
If there is a note on the property that should supersede the deed.
Title insurance is really over priced and i would think that should fall on the title company itself, they do the title search they should have insurance themselves rather than every buyer.
Paying title insurance to refi your your own property is a scam in my opinion.
I didn't listen to the whole thing. Who pays if people at her company makes a mistake ?
So interesting the real estate items coming to light! Agents to get mls access are forced to be NAR members and yep homeowners have to have home insurance they have to buy title insurance. So many services that are forced on consumers . Doj going to investigate insurance companies or just real estate agents?
Doubtful… just agents of NAR
@@SachsRealtyNAR seems useless to me.
I’m actually in the process of sale of property and have to do a title correction because the lender mistakenly conveyed 81 acres when it should be just a condo unit. This is taking a while to fix
Wow!
Keep the 81 acres if u can lol😂
@@weaverdreams I was thinking about it lol. Lawyer said even though it was a mistake by the builder, I would have to prove intent to buy the 81 acres. Probably can’t prove because the units were not vacant and already had purchased units.
@@WiseKings131 Well good luck! 😎🤠
What about Adverse Possession? I had a contract ready to close and the neighbor who was related to the seller, had a survey done to claim the land that he had been maintaining for many years add boundaries that encroached on the sellers lot; about 900 sq ft. Before the closing we questioned the title company and they would not insure the title.
Yeah encroachments are tough. I have seen certain title companies still underwrite the policy. They just excluded the encroachment. There is a great title company that covers many states. Crown Title, Attorney owned. Attorney is David Thurston, call them next time.
@@SachsRealtyIf they exclude the encroachment then there is no dispute. If the property is a house the walls and fences will be evidence of adverse possession.
Oh, my nose!
Is there an insurance for unknown liens? Is that a thing?
Blockchain sounds nice but technology’s biggest flaw is it can be hacked. Even encryption methods. Certain things have to me material and verifiable in nature even if it means extra cost. Example is like Birth certificate. I would be happy with it just being on a cloud like other personal documents but have to pay to mail for a verified physical copy.
😂 You are going to have a bad time without title insurance.
I had a bad time with title insurance
@@slipagent6I know they can be awful...but did they end up covering you in the end?
Tu Shay... I see now after watching most the way through, that there is still insurance involved. It's just a stream lined process, that is much more affordable for all parties involved. Interesting.
@@slipagent6 LOL.....
@@CrashBr0 no they just cost me $1,000 then when I had a big problem that they missed they told me to get bent and I had to fix it myself.
I need your assistance. I would like to know if the seller has the legal right to choose the title company or does the broker do that? Can the broker force the seller to sign an authorization to their financial accounts? And why would the broker need this info if you are the seller? Seller has been told they need it for escrow??? Please help.
Some states the seller pays/picks the title company, others the buyer does. As for selecting which title company, if a buyer or seller doesn’t know of a title company (which many times they don’t) they will ask their Broker/Agent for company suggestions.
I’ve never heard of a broker forcing a seller to sign an authorization for them to contact financial institutions of the seller. The title company may ask for this to obtain payoff or lien information.
Send me an email if you wish to talk. ts@sachsrealty.com
Real estate agents and car salesmen arent needed
Got a good reference "bible" for someone who wants to do his title search for peace of mind?
Couldn't yhey cover the topic in 20 minutes?