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Posted on 7/13/24 at 8:25 am to LSU1018
(no message)
This post was edited on 8/17/24 at 8:28 am
Posted on 7/13/24 at 11:53 am to Random MsState Fan
quote:
Well the good thing about it is the friend still owns the other half of the land. So he does still have an interest in the property.
Either way. This is about to be one big headache
I sold my house and come to find out when i bought it my lawyer missed something on the title so when i sold it a guy way back when actually still owned a part of the house. Major clusterfuk getting that settled. My lawyer had passed away so i couldnt go after him and say hey what the hell happened here.
Posted on 7/14/24 at 4:07 pm to Double Oh
As far as going after the lawyer, you can only do that if the lawyer took on the some responsibility for guaranteeing the title.
A smart lawyer should always do one of two things at an act of sale-
Either have the client buy title insurance or put in the act a waiver of all responsibility for title work. If one of those things doesn’t happen, the lawyer shouldn’t notarize the sale.
A smart lawyer should always do one of two things at an act of sale-
Either have the client buy title insurance or put in the act a waiver of all responsibility for title work. If one of those things doesn’t happen, the lawyer shouldn’t notarize the sale.
Posted on 7/14/24 at 5:24 pm to lsuconnman
quote:
It’s actually kinda humorous. I might start a new thread on the OT, just to troll for the incessant “$400 for title insurance is a ripoff, that’s what the title attorney is for” responses.
Congrats, you just trolled me with that.
I've never met anyone who filed a title insurance claim.
It's insane that we pay the better part of one percent of the property selling price for a policy that almost never pays off.
There's a reason why the nicest building in the trashiest Texas towns is always the title insurance company.
Posted on 7/14/24 at 5:37 pm to WB Davis
quote:I have but it is rare. The reason it is rare is because when title insurance is ordered the title problem is usually discovered before the sale takes place so either the defect gets cured or the sale gets cancelled. If the problem gets discovered after the policy is written that means someone really screwed up.
I’ve never met anyone who filed a title insurance claim
The better question is whether I have seen properties with title problems. The answer to that is yes. Plenty.
This post was edited on 7/14/24 at 6:09 pm
Posted on 7/14/24 at 6:43 pm to WB Davis
quote:
It's insane that we pay the better part of one percent of the property selling price for a policy that almost never pays off.
This can be said about every type of insurance ever. It's always a gamble. A lot of people will never have their home destroyed by flood, fire, hurricane and will have "wasted" their money on premiums their whole life. But alas, none of us can see the future and if you DO end up having a problem, well...
Posted on 7/14/24 at 7:04 pm to WB Davis
quote:
It's insane that we pay the better part of one percent of the property selling price for a policy that almost never pays off.
It’s probably only half that in LA. Less than that if it’s being financed.
Posted on 7/14/24 at 7:25 pm to geauxpurple
quote:
As far as going after the lawyer, you can only do that if the lawyer took on the some responsibility for guaranteeing the title.
A smart lawyer should always do one of two things at an act of sale-
Either have the client buy title insurance or put in the act a waiver of all responsibility for title work. If one of those things doesn’t happen, the lawyer shouldn’t notarize the sale.
I really was not going to go after him i just wanted to ask him how he missed that. Im telling you this was a clusterfuk we went thru trying to get the person who owned some of the house that i lived in for 15 years to sign off so i could sell the house.
Posted on 7/14/24 at 9:02 pm to Double Oh
I understand but if you ask him how he missed it his response may be that it was not his responsibility to look for it. If a client asks a lawyer to guarantee a title, the lawyer’s response should be fine, I will set you up with a title insurance policy.
Posted on 7/14/24 at 9:06 pm to Double Oh
Did you have to give them some money on the sale of the house to get them to sign ?
Posted on 7/14/24 at 10:50 pm to Stamps74
Had to give them some money to sign yes I did. Can’t remember how much.
Posted on 7/15/24 at 10:12 am to soccerfüt
quote:
<——Not a lawyer
It sounds like you’ll be OK (personally), you’ve got two entities between you and the liens.
Whew. Don't listen to this. The liens are attached to the property. But make sure they have debt associated with them.
Posted on 7/16/24 at 7:51 am to lsuconnman
quote:
It’s actually kinda humorous. I might start a new thread on the OT, just to troll for the incessant “$400 for title insurance is a ripoff, that’s what the title attorney is for” responses.
It is a ripoff. All insurance is a ripoff on average or it wouldn’t be sold.
We have just decided that “cheap” ripoffs like title insurance aren’t a big deal.
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