Title Insurance On New Construction
creek_side
14 years ago
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Comments (17)
brickeyee
14 years agoRelated Discussions
Ehnanced? Owner's title insurance?
Comments (2)Just make sure you get the title insurance policy, with inflation clauses for increase sin the properties value in the future. The bank is NOT going to issue a general warranty deed. They do not want to be in the line for things before their ownership. The title insurance company will perform a search before they issue a policy to try and locate ANY defects in the chain....See MoreTitle insurance and survey needed in buying house?
Comments (12)Land that was once owned by the church, and was developed in 1985 - that is a pretty safe bet that there are no issues with the lots. The church is not going to sell the developer land they do not own, and the developer is not going to buy any land that had an issue. I would say title insurance is not needed. Same goes with the property survey. Most of the time with townhouses, the lot lines are not very hard to figure out. To me, a title lawyer who is in the business of recommending title insurance and boundary surveys is similar to a car dealer who sells rust-proofing and extended warranties. Sure, the lawyer is not going to be getting the insurance premium, or the fees associated with the boundary survey, but if he successfully recommends someone to you, I wouldn't doubt that he gets a kickback for that. I work for a land surveying company, and we had a client who had lived on a property for a long time. This parcel of land used to be part of a 400 acre farm dating back to the late 1700's, and over the years, the lot got chopped up into much smaller lots. So the neighboring lot sold, and the buyer had a boundary survey done. Upon doing the deed research, it was determined that a survey done in the 1930's was in error, and they held the wrong property corner. This meant that our client's paved driveway was on the new buyer's property. The new guy could have been nice about it, and just sold our client an access easement, but he didn't legally have to, so he didn't. Our client had to pay to rip up the old driveway that was encroaching, put sod down in that area, and relocate his driveway. This required removal of a lot of trees, and a lot of additional grading. I don't know what his total bill was, but I would estimate it was at least $20k. Our client actually had title insurance, so he wasn't worried - until he actually contacted the insurance company. They told him that this issue wasn't present when he purchased the house, that they were not responsible, and it was his problem. So this guy paid for title insurance, which should have protected him, and it didn't. All the guys in my office said that title insurance is a joke - not worth the paper it is written on....See MoreInsurance considerations during new home construction
Comments (5)Very good. Most insurers know what those policies are, they aren't rare. You don't need a specialized agent. Unless you find an agent or broker who isn't licensed to sell those types of policies. (IE you call a health insurance agent..) We used (and still use) an American Family agent. It took all of about 2 minutes to set up our policies for our build. If you're worried, call around to a few brokers and see what they say. They'll search out the best agent or company for your needs....See MorePermit and insurance for new garage construction
Comments (32)There is a lot of misinformation and assumption here. Mennonites generally accept modern hospitals and don't mind benefiting from electricity. They are not against modern medicine or electricity, they don't reject modernity that way. They believe that easy access to those things remove individuals from the community and that people are actually better off when part of the community. A thesis that is difficult to argue with as there is a lot of evidence to support it. Mennonites would argue that they don't need forced insurance as their sense of community provides the same benefit and does so better and more efficiently than insurance. Insurance is a risk and cost sharing mechanism. It is only necessary because you wouldn't chip in to help a competitor of yours who lives a couple of blocks over. Worker's Compensation insurance uses the idea that jobs present a constant and somewhat calculable risk of injury to spread costs. In other words, if there is a one percent chance that a worker "falls off a roof, is paralyzed, and suffers chronic bedsores," worker's compensation insurance is going to group 100 employers together and have them all pay 1% of the cost. If a Mennonite worker "falls off a roof, is paralyzed, and suffers chronic bedsores," the entire community, even direct competitors, are going to offer financial support freely. Moreover, they are going to offer other support freely. There really is no cost advantage to them. You are being forced to pay insurance to support workers injured on the job and that is factored into your cost. A Mennonite is voluntarily supporting workers injured on the job and that is factored into their cost. In reality you get a tax deduction for the support you are forced to give and they don't, because they give freely of the money that they earned and paid taxes on. So the idea that they have a competitive advantage because of insurance just shows how many people don't really understand fungibility. The reality is that Mennonite communities use modern medicine and generally pay their medical bills in a timely manner. When one member of the community can't pay their bills other members will assist them and know if there is ever a time that they can't pay their bills the favor will get returned. The only real competitive advantage that Mennonites have is that they live much more frugally than most....See Morecreek_side
14 years agodavid_cary
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14 years agoFatHen
14 years agoHU-791688925
5 years agomillworkman
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5 years agoannied75
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5 years agoHU-791688925
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