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Real Estate
Reply to "Am I crazy not to buy Title Insurance"
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[quote=Anonymous]No buying it is extremely stupid. And the rates are regulated in most states (not Virginia). The policy terms and premiums are standardized by state. Literally no lender will make a loan without it and no commercial buyer would ever buy without it. Think about that for a minute. Parties with way more knowledge than you buying in bulk with ability to incur the loss have decided it is worth the cost. FYI, the premium is once per house. So $5k if you sell in 6 months is a rip off. If you hold for 25 years, it’s dirt cheap. And one last comment about suing the title company. Are you an idiot. Do you really think that for the hundreds of dollars in fees (maybe $1200 tops) a title company is going to risk a $1M liability. Do the math on that. 1,000 closings a year. Average price $800K. Title company makes $1.2M gross and pays staff, overhead etc. maybe nets $200k. And they have $800M in liability. To make zero they would be allowed one mistake every 4 years. To make $100K per year, one mistake every 8. Come on. [/quote]
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