Redlantern Posted April 1, 2009 Share Posted April 1, 2009 After reading a post, it made me wonder what title insurance is and what it's good for. Anyone have an answer? Thanks Quote Link to comment Share on other sites More sharing options...
BoxMN Posted April 1, 2009 Share Posted April 1, 2009 They collect money from you, so good for them... Hopefully Jackpine Rob can answer for us, as he knows his stuff and can answer in regular language. He explained to me at our closing, but I can never remember it correctly. From what I recall, they do their best to make sure title is "clear" but I am pretty sure they don't actually "warranty" it, possibly I am wrong. It is silly that we have to do this when refinancing especially, when the property hasn't changed hands. Quote Link to comment Share on other sites More sharing options...
Eckie Posted April 1, 2009 Share Posted April 1, 2009 Box is on it....Title insurance protects buyer/owner and the lender in the event that something shows up on title that the title company didn't find when doing a title search/title exam. Quote Link to comment Share on other sites More sharing options...
Redlantern Posted April 2, 2009 Author Share Posted April 2, 2009 The reason I ask is the land I bought near Grand Marais needs to be resurveyed. I guess when it was done a hundred years ago it was inaccurate. Now the landowners in the section being surveyed are required to pay for it. Just wondering if the title insurance would cover this cost or is it just one of those things that I need to pay for. Quote Link to comment Share on other sites More sharing options...
slurpie Posted April 2, 2009 Share Posted April 2, 2009 From what i understand the insurance should cover it. Because you buy the ins for the reason if anything got over looked during the deed search ins kicks in. To Cover the cost if something was overlooked or someone once had a lien on the place that never got settled up. I think that is how it was worded to me if i understood correctly but its been a few months since then. Quote Link to comment Share on other sites More sharing options...
BoxMN Posted April 3, 2009 Share Posted April 3, 2009 I bet the ins will not cover a true survey. Reason why, the insurance is more a guesstimate, IMHO. I got the title companies drawing when I did my most recent, and it was just a drawing, not a true survey, and they usually don't even give you that. Ask specific questions though, as I am often wrong Quote Link to comment Share on other sites More sharing options...
IFallsRon Posted April 3, 2009 Share Posted April 3, 2009 Title insurance primarily protects you in the event there is past a lien or judgment against the property. Quote Link to comment Share on other sites More sharing options...
Redlantern Posted April 3, 2009 Author Share Posted April 3, 2009 Thanks for the replies. Quote Link to comment Share on other sites More sharing options...
WingDing2 Posted April 3, 2009 Share Posted April 3, 2009 I can tell you that title insurance will not pay for your survey... Quote Link to comment Share on other sites More sharing options...
Mr.Seaguar Posted April 4, 2009 Share Posted April 4, 2009 I can also tell you this, you really need it when you need it. When we purchased our first home of course we had title insurance. Well, 5 yrs later we go to sell and the RE agent goes, wheres the abstract? We were like, whats an abstract? We didnt have it, the bank never had it, the RE agent had never seen it, the lawyer you have to use didnt have it. The title insurace company end up buying another one, $750. Then 3 yrs later the lawyer calls me and tells me to come get my abtract because he was cleaning out his office when he was retiring and found the thing. I gave it to the RE agent. When I came in the door, the first thing out of his secretarys mouth was the name of the lawyer. I dont know whatever happened but I bet someone wasnt happy. Quote Link to comment Share on other sites More sharing options...
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