Posted by ScottE on November 15, 2000 at 10:19:03:
What a shocker that Florida has different standards from county to county, eh Jim? Sounds like sumptin’ I’ve heard before!
Scott
TITLE INSURANCE…HMMMMM… - Posted by Kara
Posted by Kara on November 14, 2000 at 13:46:49:
The contract I’m thinking of using for my first deal has the following clause:
“TITLE INSURANCE: Within 15 days from effective date, seller shall deliver to buyer or buyer’s attorney, a title insurance commitment.”
Someone’s just approached me a questioned as to whether this is normal for the seller to have to do.
So??? What’s the truth???
Kara
Re: TITLE INSURANCE…HMMMMM… - Posted by BR
Posted by BR on November 15, 2000 at 06:05:35:
As David stated below, it depends on how things are done in your state. In my state (mortgage state) it is “customary” for the buyer to purchase title insurance at their discretion, however everything is negotiotiable. We also use Abstacts. The seller brings the abstact “to date”, the buyer has the abstract examined by the title companies in house attorney who determines what, if anything that must be done to clear the title. The title company attorney then issues a “title commitment” which are the conditions under which title insurance will be issued.
Re: TITLE INSURANCE…HMMMMM… - Posted by Brent_IL
Posted by Brent_IL on November 14, 2000 at 18:52:32:
I would want something less general than “title insurance commitment.” There are different kinds of title insurance. I’m probably overreacting, but I don’t like contract terms that are open to interpretation.
Depends upon… - Posted by David Krulac
Posted by David Krulac on November 14, 2000 at 14:49:03:
local customs, there is no law. Around here the buyer always pays but in other states and other counties the seller pays. Once went to a settlement for a property where the seller prepares the new deed, but settlement was held the buyer paid for the new deed.
Here’s my take on this issue - Posted by Gene Bonomo
Posted by Gene Bonomo on November 15, 2000 at 23:24:38:
As David stated below, it depends on how things are done in your state. In my state (mortgage state) it is “customary” for the buyer to purchase title insurance at their discretion, however everything is negotiotiable. We also use Abstracts. The seller brings the abstract “to date”, the buyer has the abstract examined by the title companies in house attorney who determines what, if anything that must be done to clear the title. The title company attorney then issues a “title commitment” which are the conditions under which title insurance will be issued
Re: TITLE INSURANCE…HMMMMM… - Posted by Marty Weisberg
Posted by Marty Weisberg on November 15, 2000 at 06:29:51:
Bill,
At the risk of receiving Palm Beach County jokes…I will tell you that in Palm Beach County, Florida it is customary for the Seller to purchase the title company for the Buyer. As anything else it is negotiable but when not stated it is the Seller who pays. In Broward County, the next town, it is the Buyer who customarily pays.
Marty
Re: Here’s my take on this issue - Posted by BR
Posted by BR on November 16, 2000 at 01:08:07:
I’ll take your word for it!
That’s interesting! - Posted by BR
Posted by BR on November 15, 2000 at 08:13:32:
That it is handled differently from county to county.
I wonder if any other states handle it this way or could it be only in Florida? LOL
Re: TITLE INSURANCE…HMMMMM… - Posted by JPiper
Posted by JPiper on November 15, 2000 at 07:56:03:
Just thought I’d mention that when it is not stated who pays title insurance then it becomes a “loose end”. What’s “customary” would not be enforceable.
JPiper