Quote:
Originally Posted by Villager Joyce
call any title insurance company in any county and ask for a quote for title insurance. ask them to explain to you about the simultaneous issue mortgagee policy. also ask them to explain how liens against an owner can attach to the property. call any real estate agent in the state of florida and ask them about the standard contract to sell real estate in florida. all contracts have a standard clause that states the seller provides a title insurance policy unless the contract states otherwise. i guess what confuses me is someone is willing to pay $200,000 for a home but not $1000 to guarantee good title. if you want to know what attaches to vacant land, go to the courthouse and ask if you can look at an abstract of title which shows all the documents prior to the land being developed. it is not a villages or mclin scam.
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My experience after a career in community banking , largely financing homes , is that advice from real estate agents is often erroneous or incomplete regarding contract and title issues. For the overwhelming majority of people a real estate attorney should be involved and their advice should be heeded. Title insurance is definitely not a scam. Without owners insurance, in case of a problem , that bank would be protected and the owner could possibly loose all equity and or the property.