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Real Estate
Reply to "really high title insurance quote"
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[quote=Anonymous]The "I'll use money to get a lawyer" doesn't necessarily work. First, it will probably be more expensive. Second, they might not be able to fix it. Basically, title insurance is an indemnity policy that creates marketable title. There are things that you aren't contemplating. If something does come up, the title insurance is on the hook for a payout or lawyer fees. They have to make it go away. And because it is insured, they act fast -- they don't like paying lawyer fees either. Want to wait around for years of legal battles or move on with your life? My dad recently had a $75K payout. They missed a water/sewer line that crossed the property. It exists for a reason. Every closing is a ticking time bomb. And you'll never know until you go to sell the place. [/quote]
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