Talk of The Villages Florida - Paying Buyer versus Lender Title Insurance

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)

- The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)

- - Paying Buyer versus Lender Title Insurance (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/paying-buyer-versus-lender-title-insurance-308993/)

Actually these amounts are not a standard anywhere. Law does not mandate who pays what in the contract. In The Villages with MLS agents, seller pays for clear title and provides a title policy and buyer pays a policy to the lender. Do not know how your contract is worded. You need to be discussing this with your agent, that is what you are paying commissions for, their expertise and help. Andrea Bonivich, Sellstate Superior Realty

Why did your attorney not handle this?

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Originally Posted by jbrown132 (Post 1802900)

What I have never understood about any of this is that when buying a home you pay the attorney to do a title search. So when you go to sell the home if they find a problem with the title shouldn’t the attorney who did the original search be liable to make the title good. To me this is just a money making scheme.

I have always felt this way too.
In Florida ANY work being done on a property MUST 1) be licensed and 2) place a lien on the property until final inspection of the work and paid in full. Contractors cannot pull a permit unless they are licensed.
That being said the Builders are responsible to pay the subcontractors, so there would be many liens on a property.
Obviously we have to PAY lawyers for shoddy work they might do, the lawyers are paid to make sure there a no incumbencies on-the property.
Raise your hand if you feel like paying for shoddy work. Everyone here KNOWS not to pay for any work to your property until you are satisfied and the work has been inspected.
Maybe the law should require the contractors AND lawyers place liens on their own property to protect people from shoddy work.
Then again WHO protects us from the inspectors? The Builders in the Villages do not care about pride in workmanship. If they did there would be really no need for these home warranties.
I looked a new home during open house in Pine Ridge, the cabinet doors were QUITE obviously not hung straight, when I said something to the agent his response was “that’s what warranties are for”. I asked if this home had been inspected. That’s when I found out, the inspectors only look at codes not shoddy work.
COME ON MAN!!!!!!!

Title companies are the biggest rip off in the real estate business( and easiest moneymaker) but , sadly are always going to be. Everything is done differently in The Villages then anywhere else I have ever sold real estate . The things done here would have fined or put me in jail in other places had I done them.

Hire a lawyer. Money well spent.

We are closing next MON and have the same issue.

This gobblygook is what keeps politicians and lawyers in business

The Villages owns all three firms you’re dealing with — the Villages brokerage, the bank and the title company. You have next to no chance in prevailing with your argument. They set the rules.

Nope. You don’t have to pay buyers title insurance. Don’t listen to TV they dot represent you. Find a real estate attorney.

Negative. Everything is negotiable. My last properties (2) I refused to pay for someone else's title insurance. It doesn't make sense to me to do so. Why should I insure someone else's purchase? Hasn't the lender checked title for any encumbrances?
Everything is negotiable; there is no law stating otherwise.

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Originally Posted by Stu from NYC (Post 1802831)

My understanding is that in Florida the seller must pay for the title insurance covering the buyer.

Usually it is predetermined who pays for that. If a buyer's market usually the seller pays if seller the reverse.

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Originally Posted by Villages Kahuna (Post 1803020)

The Villages owns all three firms you’re dealing with — the Villages brokerage, the bank and the title company. You have next to no chance in prevailing with your argument. They set the rules.

Not necessarily, they can set terms but if they are not what I want they don’t get my money. On the other hand, one also needs to be reasonable. I write what I understand and what I am agreeing to on both the sales agreement and the title company’s papers. This way we both understand what we are talking about. Not being a lawyer I have to use my own words to indicate what I think I am signing. It worked out well. I have no trouble with dealing with any Villages department. They have all been very fair to me.

I believe all three entities involved are owned by TV - The sales company is TV. The buyer’s lender is Citizens First. And the title company is Peninsula Land and Title.

Re: Title Insurance

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Originally Posted by Knighterrant (Post 1802821)

I am closing on selling my house with TV. The sales contract states that the seller will pay for the buyer’s title insurance. And that the buyer will pay for the lender’s title insurance.

I have received my closing disclosure, and the disclosure identifies the seller (me) paying for both buyer’s and lender’s title insurance. I questioned the title company regarding this, and the title company assured me that both amounts identified on the disclosure were actually buyer’s title insurance.

The title company stated that they have to identify the buyer’s title insurance in two different amounts and on two different lines on the disclosure form. The smaller amount is identified as “buyer’s title insurance” and the larger amount is identified as “lender’s title insurance”.

I provided the title company with the sales contract showing that the buyer is to pay lender’s title insurance. I am only to pay for the buyer’s title insurance. The title company stated that both amounts were my responsibility, and the title company has to identify a portion of the buyer’s title insurance as “lender’s title insurance” due to government standards.

The sales company is TV. The buyer’s lender is Citizens First. And the title company is Peninsula Land and Title.

I have discussed this with some others, two of whom have sold houses in TV (one within the last month). And both have had similar experiences. One seller had to close and paid both fees. The other seller refused to close the transaction - this transaction ultimately closed with the realtor reimbursing the fees to the seller to facilitate the closing. I fall into the category of having to close.

I Searched TOTV, and did not see any other posts referencing this issue. Given my discussions have identified two additional people, I’m curious to learn if there are others with similar experiences.

There is two forms of title insurance: Owners Title Policy which insures the property and is normally paid for by the Seller and a mortgage title policy which insures the mortgage for the Buyers Lending institution which is the Buyers cost.. Plain and simple !!

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Originally Posted by Knighterrant (Post 1802821)

Have you check with a bank NOT owed by TV? Also might be wise to ask an outside licensed realtor if they know answer. April at Freedom ReMax is very knowledgeable.