Showing posts from January 11, 2009

Home property title insurance

Home property title insurance usually is required by the lender to protect the lender against loss resulting from claims by others. In some states, attorneys offer homeowner property title insurance as part of their services in examining and providing a title opinion. The attorney's fee may include the premium. In other states, a company or agent directly provides the title insurance. New house owners should be aware that the seller may not require the buyer, as a condition of the sale, to purchase this policy from any particular company. Usually, the lender will require a policy from a company that is acceptable to it. In most cases the new house owner can shop for and choose a policy that meets the lender's standards and their own personal satisfaction and price.

To save money on these types of policies, compare rates among various companies. The buyer should ask what services and limitations on coverage are provided under each homeowner property title insurance policy so tha…

Opting Out of Title Insurance

When attorney Mark Rutzick sold his home in Fairfax, Va., and bought a new one in nearby Oakton, he made what many might consider a risky move: He turned down title insurance. While lenders require borrowers to pay for the insurance that protects loans against unexpected liens and other claims, owners often have more leeway when it comes to insuring their own home equity.

Since Rutzick's new home had only two previous owners, he says, "The chances of a hidden grantor coming out of the woodwork and saying 'I own it and you don't' is so incredibly small, [title insurance] just seems unnecessary." He estimates he saved himself about $3,600 by not buying owner's title insurance. While shaving a few thousand dollars off closing costs is tempting, many in the real estate industry recommend against it. Pam Hamrick, vice president of, says she has seen customers without title insurance policies run into problems that are expensive to clear up. &quo…

Choose title insurance firm carefully

Defendants in fence dispute feel abandoned.
It's important for buyers to have survey.
A court case wending its way through the judicial system underlines just how important it is for homebuyers to have a current survey and to choose a title insurance company very carefully.

In November, 1998, Susan and David purchased their house at an address, which I will call 2 Auckland Ave., Toronto.

Next door to the north is 4 Auckland, a house bought by Mir and Leda in September, 2001. The backyards of both properties are 5.71 meters (18.73 feet) deep from the house to the rear lot line. Separating the two backyards is a fence, which was built before either neighbour moved in.

One of the issues in the lawsuit brought by Susan and David is whether the fence is in the wrong position, and whose land it is on.

In a statement of claim issued last year, Susan and David claim that the division fence is not on the property line, but rather about 0.57 m (1.87 feet) onto the property owned by Mir and Leda.


Questions about Titile insurance. What Is Title Insurance?

What Is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title to your property.

Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.
Is Purchasing Title Insurance Obligatory?

It is if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.
Does Title Insurance Do Anything For Me?

The required insurance protects the lender up t…