Comments on: Lesson 5 - Legal Descriptions Part 1 http://repupil.com/posts/24 Things your agent will never tell you. Thu, 20 Nov 2008 07:39:09 +0000 http://wordpress.org/?v=2.1.1 By: JamieL http://repupil.com/posts/24#comment-17 JamieL Wed, 07 Mar 2007 07:36:28 +0000 http://repupil.com/posts/24#comment-17 Wow - every time I read your posts I feel a little less confident about becoming an investor. I thought the title insurance people were supposed to be on my side as a buyer. Is there any way to choose a good title company? Unlike FSBOs, you can choose to do a title-by-owner... Wow - every time I read your posts I feel a little less confident about becoming an investor.

I thought the title insurance people were supposed to be on my side as a buyer. Is there any way to choose a good title company? Unlike FSBOs, you can choose to do a title-by-owner…

]]> By: RealtyPupil http://repupil.com/posts/24#comment-18 RealtyPupil Wed, 07 Mar 2007 07:48:06 +0000 http://repupil.com/posts/24#comment-18 I'd recommend making sure that you read all contracts before using a Title company. In Utah you have the luxury of selecting from a variety of companies, so go with the one that seems to offer the best protection. I’d recommend making sure that you read all contracts before using a Title company. In Utah you have the luxury of selecting from a variety of companies, so go with the one that seems to offer the best protection.

]]> By: pwalt3507 http://repupil.com/posts/24#comment-21 pwalt3507 Fri, 09 Mar 2007 13:38:40 +0000 http://repupil.com/posts/24#comment-21 Its clear that the instructor didn't explain the role of title insurance properly or the student didn't understand the explanation. A title policy protects the named insured, normally the buyer or lender in a transaction. If a defect in title is found after the policy is issued covered by the policy the policy acts to protect the insured either by eliminating the defect or paying the insured the loss. To eliminate the defect it may be necessary to sue the person who is causing the defect, be it an easement holder, judgment holder or someone claiming another interest in the property. It may also be necessay to sue the seller of the property for breaching the warranties of title generally contained in the deed or for incorrectly asserting that there are no encumbrances on the title in the seller's affidavit generally signed at closing. Rarely will a title company sue an insured except in those cases where the insurer and insured disagree to whether a particular defect is covered by the policy. It is not the job of the real estate agent to prevent mistakes by the title company. But mistakes do happen and if all the real estate professional (rel estate agent, title company, surveyor, appraiser, loan officer) work together, many mistakes can be caught and corrected be closing. Its clear that the instructor didn’t explain the role of title insurance properly or the student didn’t understand the explanation.

A title policy protects the named insured, normally the buyer or lender in a transaction. If a defect in title is found after the policy is issued covered by the policy the policy acts to protect the insured either by eliminating the defect or paying the insured the loss. To eliminate the defect it may be necessary to sue the person who is causing the defect, be it an easement holder, judgment holder or someone claiming another interest in the property.
It may also be necessay to sue the seller of the property for breaching the warranties of title generally contained in the deed or for incorrectly asserting that there are no encumbrances on the title in the seller’s affidavit generally signed at closing.

Rarely will a title company sue an insured except in those cases where the insurer and insured disagree to whether a particular defect is covered by the policy.

It is not the job of the real estate agent to prevent mistakes by the title company. But mistakes do happen and if all the real estate professional (rel estate agent, title company, surveyor, appraiser, loan officer) work together, many mistakes can be caught and corrected be closing.

]]> By: RealtyPupil http://repupil.com/posts/24#comment-27 RealtyPupil Fri, 09 Mar 2007 19:13:31 +0000 http://repupil.com/posts/24#comment-27 pwalt: It still seems odd to me that the title insurance companies consider litigation as a tool, particularly in the case of this instructor. If I got health insurance, and my friend gave me a disease, would I want my insurer to sue the friend for getting me sick? Or worse, sue me for getting sick? pwalt:
It still seems odd to me that the title insurance companies consider litigation as a tool, particularly in the case of this instructor.

If I got health insurance, and my friend gave me a disease, would I want my insurer to sue the friend for getting me sick? Or worse, sue me for getting sick?

]]> By: Realty Pupil » Blog Archive » Lesson 10 – Transfer of Title and Title Records - Real Estate Licensing Exposed http://repupil.com/posts/24#comment-334 Realty Pupil » Blog Archive » Lesson 10 – Transfer of Title and Title Records - Real Estate Licensing Exposed Mon, 19 Mar 2007 20:53:44 +0000 http://repupil.com/posts/24#comment-334 [...] was a required attendance one, and I believe the second one with a title agent. If you recall, our first required class had left us all confused as the agent declared that by buying title insurance, you were giving the title company license to [...] […] was a required attendance one, and I believe the second one with a title agent. If you recall, our first required class had left us all confused as the agent declared that by buying title insurance, you were giving the title company license to […]

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