Posted by David Krulac on June 07, 2006 at 15:14:33:
i’ve never collected. and I agree it would be a very very very rare situation that would be with out title insurance.
PA title insurance - Posted by Brian (NoCA)
Posted by Brian (NoCA) on June 05, 2006 at 14:38:29:
Have a question for all you Pennsylvania investors reagrding title insurance. In my neck of the woods (CA), title companies typically handle escrow and issue the title policy. However I am buying an investment property in PA and it seems that the norm in this market is for an attorney to handle the close/insurance. I was told that if a problem arises in the chain of title that the attorney’s policy would cover it.
Do folks normally purchase a title policy in these situations, or will I be doubly covered and wasting money?
Thanks for the input.
Re: PA title insurance - Posted by David Krulac
Posted by David Krulac on June 05, 2006 at 21:51:15:
that’s not entirely true. Most settlements are done at settlement/title companies, which are owned by attorneys. The Pa. state insurance commisision sets the title insurance rates and all much charge the same rate. So much for free enterprise.
An attorney’s opinion of title is only slightly cheaper, and is really only in force as long as that attorney/firm is still in business. If you have an attorney’s opinion and he’s a 1 man office and the next day a bus runs over him, you title opinion is now worthless.
In the 4 decades that I’ve been buying real estate in Pa. there have been some times when I didn’t buy title insurance for one reason or another. Several times I got burned big time. But on the other hand I’ve never been able to collect a claim on title insurnace either, even though there’s one case where I think I’m entitled to a settlement.
Re: PA title insurance - Posted by Terry
Posted by Terry on June 05, 2006 at 15:32:57:
I also invest in South East PA. I always use a Title agency to close my deals. I would agree with the other poster use a title company.
Good luck
Re: PA title insurance - Posted by Brandon
Posted by Brandon on June 05, 2006 at 14:50:37:
I invest in Eastern PA. All of my closings have been done by title companies. I believe you would end up paying for for an attorney to handle it. I would recommend handling it the same way you do in your “neck of the woods”, at a title company.
Hope this helps.
Re: PA title insurance - Posted by Sean
Posted by Sean on June 06, 2006 at 08:08:05:
Gotta agree Title Insurnace is hit and miss… I have made claims and had them paid, and had other times where something was obviously missed by the settlement company and they have refused to pay.
However, I don’t think I would buy a property without it, unless I got the property so cheap I could throw the money away rather than deal with the claim.