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Real Estate
Reply to "Am I crazy not to buy Title Insurance"
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[quote=Anonymous]For all the people quoting lender's use of title insurance as evidence of its value - we have to remember that the buyer pays for the lender's insurance. So they have absolutely no incentive to change this structure. If someone was paying the $4,000 plus for me to get title insurance, I'd never turn it down either. Funnily enough my loan officer at the mortgage company said he is starting to see his customers turn down title insurance. The payouts are very rare and it's the title company attorney's pushing it on their clients because the attorney gets a commission from it. What's also galling is that buyers can get a lower rate if the seller of their property had previously purchased title insurance and it is only being updated for things that may have happened on the seller's watch. But the seller has to produce the actual paper copy and not an electronic version. [/quote]
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