Land registries still far from perfect
The Slovak Spectator ran an interesting story about the fight for a bottling plant, and the land it sits on. Here it is in brief: Company A was annulled, a town outside Trenčín claimed it should be made owner, a claim the local land registry eventually recognized. The town sold the land to Company B, [...]
Shop Around For Title, Escrow Services
Everything in real estate is negotiable and that includes title insurance and escrow services.
Title insurance companies are hired, in part, to issue title insurance protection for home buyers and lenders. Lenders require the service to protect them against loss resulting from claims by others against your new home. The insurance comes into play during the [...]
Title Insurance Examples of Issues and recommendation.
The twister swept across a 15-mile area, including the suburbs of Whitchurch, and came near to causing widespread property damage. The States environment agency has said that, “climate prophecies also indicate that Britain will be windier. What is title insurance and why should any buyer get it when getting a home ( single family, townhouse, [...]
Title Insurance
Title Insurance = Peace of Mind
Purchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you’ll want to know that no other individual or entity has a right, lien or claim to the property.
Determining that your rights and interests to the property are clear is the [...]
What Is Real Estate Escrow?
What is Real Estate Escrow? by BillM
Escrow is a deposit, most typically of funds and/or documents, that is held until paid out upon successful completion of the terms of the escrow instructions. Technically defined, Escrow is a legal arrangement in which a neutral third party holds an asset during the period in which the [...]
Understanding Title Insurance
Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Title is a fairly simple concept, but when it goes wrong it is a nightmare. That is where title insurance comes [...]
What is Title Insurance?
When you purchase a home, you also purchase title insurance, but what is it?
Title insurance is simply this, protection against loss arising from problems connected to the title to your property. When you buy a home, you receive a title to the property, meaning you are not the full legal owner of that property. You [...]
Why you should get Title Insurance when you buy a home
Title insurance is not required if you are paying cash for a property; however, a few hundred dollars now might save you thousands of dollars, not to mention the headaches, later on. Title insurance protects you from any losses sustained from defects in the title. If you are getting a loan to purchase the home, [...]
Changes in the HUD Part 3
This is the 3rd installment of text taken from the Federal Register about changes to the settlement process. This section deals with requirements for the “Good Faith Estimate”. It’s a lot longer – 4 pages now.
The next post will have comments by the public about the proposed changes.
III. GFE [...]
Title Insurance – Where Does Your Money Go?
Where Does Your Dollar Go??!!
Title Insurance: As a homebuyer, the term is probably familiar – but is it understood? What is your dollar actually paying for when you purchase a title policy??
Title insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating [...]
Refinancing? Save money at closing with reissue rates
Thinking of refinancing? Here are two ways Lonon Law Firm can save clients significant amounts in closing costs:
1. Reissue rates. If you purchased your property within the last 10 years or your current mortgage is less than 10 years old, we can save you up to 50% on title insurance premiums. This is a potential savings of [...]
New HUD rule
This section of the report describes how HUD received comments. New rules are required to go through a comment period and this section explains how HUD complied with that requirement.
From: Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Rules and Regulations
II. Overview of Commenters
The public comment period [...]
New Georgia Title Insurance Rates – Make sure you stay LEGAL
No More Negotiated Title Insurance Rates in Georgia – Violation of the Law
Georgia becomes FILE AND USE STATE for Title Insurance
Some of you may have used negotiated title insurance rates on some of your files in the past on Georgia loans. Under an agreement between the title insurance underwriters and Georgia Insurance Commissioner, John [...]
Fidelity National Title Insurance Settles 2000-2002 Court Case
On March 30th, The OC Register reported that Fidelity National Title was to pay $345K in penalties to settle a 00-02 stemming from charges in employees were accused of accepting kickbacks in exchange for referrals (Fidelity made no admission of guilt).
Kick backs are just one example of a RESPA violation – a buyer will ask [...]
SB 444 on the Banking & Insurance Committee Agenda for Monday, April 6
SB 444, which was introduced by Senator Bennett and would create a “file and use” system for title insurers and prevent title agents from sharing in any portion of the title insurance premium, is scheduled to be heard on the floor of the Senate Banking & Insurance Committee on Monday, April 6, 2009 at 1:30 [...]
Test YOUR Knowledge
What Have YOU Learned…Take this quiz to find out!
Test Your Knowledge
1. Which one of the following is not a closing cost?
A. Inspection fees
B. Title insurance
C. Down payment
D. Recording fees
2. Is the “good faith estimate” provided by the mortgage company binding?
A. Yes
B. No
3. Who will conduct my closing?
A. A title company
B. A settlement company
C. An escrow [...]
Economic Downturn will Raise Hurdles for Title Companies
Recently, an expert on the title insurance market told the audience at the Casualty Loss Reserve Seminar that the economic downturn the markets have seen recently will product a number of new hurdles for the title insurance industry.
Joseph Petrelli, president of Demotech, an actuarial consulting and financial analysis firm, told the audience that the peak [...]
New Pennsylvania Course Available
A new Pennsylvania Continuing Education course for Title Insurance Producers is now available at the Stewart Title Continuing Education website. Click Here to get 3 hours of credit by taking the Decedents, Estates, Fiduciaries, and Family Transactions course authored by Fran Hack, underwriting counsel at Stewart Title of Pensylvania – Wayne Office. Take the course [...]
Title Insurance…Your Questions Answered
Doesn’t my sale contract, which specifies “marketable” title, cover me?
In theory, it should; but in reality, you would still need to initiate expensive legal action against the seller; and your recovery would be subject to the seller’s ability to pay damages.
Should I buy an owner’s policy now even if I have no equity [...]
Slight glimmer of hope
While there has not been a lot to cheer about in the title insurance game, there is a slight glimmer of hope that should give officials in the space some hope that brighter days are ahead. The first positive sign are some government rescue measures that are on the way. But there are still other [...]
Yes, the Seller Can Get a New Loan
One of the questions I see asked over and over on the REI newsgroups is “Can the seller get another loan?” This is a great question because it so often is one of the objections raised by a seller when a creative offer is being discussed.
The short answer is “yes”. Only in rare situations would [...]
Do I Really Need Title Insurance for this?
I’m refinancing, why do I need title insurance?
When you refinance you are obtaining a new loan, even if you stay with your original lender. Your lender will require lender’s title insurance to protect their investment in the property. You will not need to purchase a new owner’s title policy; the one you bought at closing [...]
Solve Your Problems With Title Insurance…
A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowner’s insurance protects against loss from fire, theft, or wind damage. Flood insurance protects against rising water.
And a unique coverage known [...]
TILA, HOEPA claims fail in Pennsylvania reissue rate case
A Pennsylvania homeowner filed suit against a lender that charged her a basic title insurance premium rate although she qualified for a discounted refinance transaction rate. Asserting claims under TILA and HOEPA, the homeowner argued that the difference between the rates was excessive and must be included in the calculation of points and fees. The [...]
TILA Right of Rescission
TILA & Res Judicata
(Analogous to Mr. Pierre R. Augustin, Pro Se’s situation since he had never litigated fully or raised any TILA claims affirmatively or defensively) –
A rescission action may not be barred by prior or subsequent TIL litigation which did not involve rescission (Smith v. Wells Fargo Credit Corp., 713 F. Supp. 354 [...]