can you get a title insurance on sub2 deal? - Posted by dustin in california

import · July 8, 2005, 7:10pm

Posted by JT-IN on July 09, 2005 at 08:07:48:

In fact, I will only do a subj to deal with Title Ins… I would never want to be in a situation to have to go back to the seller of a subj to deal, to assist in clearing up a title flaw… when they say shove it, you are toast…

For that very reason, I will only close a subj to deal with a closing Atty, at their office, (NO KITCHEN TABLE CLOSINGS for Me), and the seller signs all the std Affidavit’s that state that they will co-operate with the Atty if some clerical error was created by the closing. If in fact it did exist, then it is the Atty’s issue to track them down and deal with them, not mine. If the problem would persist, then you have title ins as a fall back.

You may experience some title companies that insist that any mtg must be paid off in order to get title ins, but that just means that you haven’t spoken to the right title agent. I have done a number of them with a Lawyers Title Agent, so I know for sure that Lawyers Title will insure a subject to… That might be a good place to start.

If and when they tell you that it isn’t possible, you could suggest that they look at Line 503 on a Hud-1… Duh what is that for…? It all should work out fine, just know that it only takes the right title agent / Atty, and the rest is a piece of cake…

JT-IN

import · July 8, 2005, 7:10pm

can you get a title insurance on sub2 deal? - Posted by dustin in california

Posted by dustin in california on July 08, 2005 at 19:10:15:

howdie. if you close sub2 deal using a title company, can you get a title insurance for it? do they have to pay all off to insure title? have a nice day. many thanks.

import · July 9, 2005, 8:33am

Re: can you get a title insurance on sub2 deal? - Posted by Phil

Posted by Phil on July 09, 2005 at 08:33:37:

Line 503 anyone…

A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT

B. TYPE OF LOAN

File Number
Loan Number
o FHA
o FmHA
o CONV. UNINS.
o VA
o CONV. INS.
Mortgage Insurance Case Number

C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked “(p.o.c.)” were paid outside the closing; they are shown here for informational purposes and are not included in the totals.

D. NAME AND ADDRESS OF BORROWER:

E. NAME AND ADDRESS OF SELLER:

F. NAME AND ADDRESS OF LENDER:

G. PROPERTY LOCATION:

H. SETTLEMENT AGENT: NAME, AND ADDRESS

PLACE OF SETTLEMENT:

I. SETTLEMENT DATE:

J. SUMMARY OF BORROWER?S TRANSACTION

K. SUMMARY OF SELLER?S TRANSACTION

GROSS AMOUNT DUE FROM BORROWER:
GROSS AMOUNT DUE TO SELLER:
Contract sales price
Contract sales price
Personal property
Personal property
Settlement charges to borrower(line 1400)

Adjustments for items paid by seller in advance

City/town taxes to
City/town taxes to
County taxes to
County taxes to
Assessments to
Assessments to

GROSS AMOUNT DUE FROM BORROWER
GROSS AMOUNT DUE TO SELLER
AMOUNTS PAID BY OR IN BEHALF OF BORROWER:
REDUCTIONS IN AMOUNT DUE TO SELLER:
Deposit of earnest money
Excess deposit (see instructions)
Principal amount of new loan(s)
Settlement charges to seller (line 1400)
Existing loan(s) taken subject to
Existing loan(s) taken subject to

Payoff of first mortgage loan

Payoff of second mortgage loan

Adjustments for items unpaid by seller

City/town taxes to
City/town taxes to
County taxes to
County taxes to
Assessments to
Assessments to

TOTAL PAID BY/FOR BORROWER
TOTAL REDUCTION AMOUNT DUE SELLER
CASH AT SETTLEMENT FROM/TO BORROWER
CASH AT SETTLEMENT TO/FROM SELLER
Gross amount due from borrower(line 120)
Gross amount due to seller (line 420)
Less amounts paid by/for borrower(line 220)
Less reductions in amount due seller (line 520)
CASH (_ FROM) (_ TO) BORROWER
CASH (o TO) (o FROM) SELLER

L. SETTLEMENT CHARGES

TOTAL SALES/BROKER?S COMMISSION based on price $ @ %=

PAID FROM BORROWER?S FUNDS AT SETTLEMENT

PAID FROM SELLER?S FUNDS AT SETTLEMENT

Division of Commission (line 700) as follows:

$ to
$ to
Commission paid at Settlement

ITEMS PAYABLE IN CONNECTION WITH LOAN
Loan Origination Fee %
Loan Discount %
Appraisal Fee to
Credit Report to
Lender?s Inspection Fee
Mortgage Insurance Application Fee to
Assumption Fee

ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
Interest from to @$ /day
Mortgage Insurance Premium for months to
Hazard Insurance Premium for years to
years to

RESERVES DEPOSITED WITH LENDER
Hazard Insurance months @ $ per month
Mortgage insurance months @ $ per month
City property taxes months @ $ per month
County property taxes months @ $ per month
Annual assessments months @ $ per month
months @ $ per month
months @ $ per month
Aggregate Adjustment months @ $ per month
TITLE CHARGES
Settlement or closing fee to
Abstract or title search to
Title examination to
Title insurance binder to
Document preparation to
Notary fees to
Attorney?s fees to

(includes above items numbers; )

Title Insurance to

(includes above items numbers; )

Lender?s coverage $
Owner?s coverage $

GOVERNMENT RECORDING AND TRANSFER CHARGES
Recording fees: Deed $ ; Mortgage $ ; Releases $
City/county tax/stamps: Deed $ ; Mortgage $
State tax/stamps: Deed $ ; Mortgage $

ADDITIONAL SETTLEMENT CHARGES
Survey to
Pest inspection to

TOTAL SETTLEMENT CHARGES (enter on lines 103, Section J and 502, Section K)