Posted by raelynn mitchell on December 18, 1998 at 12:47:16:
did not even OWN the property (but committed fraud, got your money and ran), and you paid cash for it!
Get title insurance and you get to file a claim, and title company gets you title or gets to give you your money back (and THEY take the $100,000 loss, not you).
It can and DOES happen every now and then…
raelynn
title company - Posted by Landon
Posted by Landon on December 16, 1998 at 09:57:16:
What will a title company do for me? What questions should I be asking them?
Claims Chronicles - Posted by MilNC
Posted by MilNC on December 16, 1998 at 11:45:28:
A must read: The Claims Chronicles
Re: title company - Posted by Jimbob
Posted by Jimbob on December 16, 1998 at 10:38:29:
Landon,
A Title Company researches the title on a specific property to ensure the buyer receives clear title without any unknown defects, clouds, liens, encumbrances, easements, etc. In essence they will ensure you the buyer are getting a marketable title to the property.
In my opinion, it is mandatory that you obtain title insurance when buying any piece of real property.
Can you imagine if you bought a house for $100,000, did not get title insurance, and after you closed, found out someone had recorded a $30,000 second mortgage against the property? Ouch!
Jimbob