Posted by Dons on May 09, 2006 at 20:52:29:
There are two kinds of title insurance policies here. The lender’s policy that lenders require because it protects them and an owner’s policy that would protect the buyer’s interest.
And the title insurance here would need to be an owner’s policy in addition to any policy required by a lender.
Don
Investors-Beware the “Gap Scam” - Posted by Suz
Posted by Suz on May 09, 2006 at 09:00:56:
Hello everyone,
I wanted to send you a note to let you know of something I heard over the weekend. I was listening to a podcast of a show that a man named Jerry Boucher runs in the DC/MD/VA area. He was saying that in DC and Maryland primarily there has been a new type of RE fraud materializing. . .
Apparently, when you go to settlement on a property in MD, it can sit for sometimes MONTHS before being recorded. Some unscrupulous sellers are wising up to this, and then selling their properties twice. The second time around they are offereing the properties way below market value to out of area investors. Out of area investors can’t help but take a bite out of the bargain and are getting scr*wed.
Just thought I might pass this on as food for thought for all of you.
Suz
BUY TITLE INS. to cover Gap - Posted by steve
Posted by steve on May 09, 2006 at 12:29:41:
always buy title insurance and it should provide coverage for the Gap