We would like to save some money by not using a title company. Is this doable? How do I go about doing it?
Thanks for everyone's advice. I was told it could be done without a title company,but I don't think I should go that route. The more I research, the more I realize it's an important step in the process.
Thanks!
Alyteal
This post is a great example of sellers not comprehending the essentials of real estate. As one respondent posted, forgoing title insurance is really putting a big cloud on the ownership of the property (pun intended).
If I were the BUYER I would insist on title insurance, and if you were aware of the implications for selling land that you do not have legal title, you'd demand it too. That is why title fees are normally split between buyer and seller.
Without a defined chain of title there might be some serious problems in the future regarding your legal ownership of the land, which is why we had so much land fraud in the late 1800s and why the American Land Title Association was formed, predecessor to modern day title companies.
My bet is even if you have an attorney help you with the paperwork, they will insist you obtain title insurance also.
If you are paying cash you don't have to buy title insurance, but not sure this is a good idea. I've seen people do it, but I think the cost is minimal based on the protection you get. I don't think you'll save any money using a different attorney vs title company if in fact you are buying title insurance. You could have both do a sample closing statement and see what they charge if you're looking to save money. My guess it will cost you more and process will be less efficient. But that is a guess.
You should be able to use an attorney, but that attorney will have the Title Co. do the title commitment.
That is how the attorney I use does it.
Let me know if your attorney is different. I like to learn new things.
J.
Ask the attorney representating you. Most sales go thru a title company.
GREAT QUESTION
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Didn’t find what you were looking for? Ask a question!
|
|
|
|
|||||||||||
|
|
|
|
|
|