I've just heard of him today 😭 like why didn't you tell me

The IRS must have been a major part of why he went broke 🤣

AJ’s Adventures Also the way he used his credit cards back then which was insane and totally his fault.

I was NOT aware of this.....

False. Title companies and real estate attorneys carry large E&O policies for a reason.

Excellent price on a home!

My realtor told me it was around $300 for a house you only pay one time she said no monthly or yearly only one time at closing

Title fees don't solely apply to title insurance; they also include reviewing and modifying the title. Fees are how the companies make money and fees are negotiable. Usually title insurance is not required for a refi, but that doesn't mean it's not useful to have.

@@jaketyler7088 Thank you. From my experience, it is pretty difficult to negotiate title fees. And it can be difficult to chose a different company than the bank recommends. Modifying the title makes sense. But if you are refinancing with the same bank, this doesn't seem necessary. Compared to real estate agent fees and the value they bring, title insurance is a really good deal.

You can get a title search for the property to be aware of what liens and clouds on title are present but an insurance company will not insure the property’s title because you are unable to remove clouds and clear title prior to sale, which is what the title company does prior to issuing the title policy for a conventional sale.

And get commisions for selling the title insurance policy

​@unknownbrokie not in every state. North Carolina has separated law firms from doing the closing and insurance companies that issue the policies. We get $0 from insurance companies, and the bar makes sure of that.

Definitely seems worth it, - I would just research the company first

The door is just over there to your left.

that's actually the same reason i clicked on this video!

Yes, title insurance is a one-time fee when you purchase a house. If you are buying in cash you can request that the seller purchase the owner's policy which protects you against any legal claims to title. If you are buying using a loan you will be required to purchase a lender's policy to protect your lender and you will still want to request the seller's policy be provided by the seller. If you refinance or take out a second mortgage or HELOC your new lender may require you to purchase a new lender's policy to protect them in addition to the original lender. If you then sell that house you will purchase an owners policy for your purchaser (if that's what you agree to in your REPC), and they will pay for their lender's policy. When you go to close you will get an itemized list of all fees and closing costs. In there will be the purchase price of your policy, a settlement fee (the cost to sit down with a title officer/notary public and have them walk you through the docouments and the closing process), deed prep fee, recording fees, etc. After closing the only recurring fees for you will be your PITI (principle, interest, property taxes, and homeowners insurance), and HOA dues if applicable, if you take out a loan....or...if you purchase in cash you will have to renew your homeowners insurance and pay your property taxes once a year, and pay HOA dues if applicable. You do not renew your title insurance policies year after year like an auto or homeowners policy. Laws about property transfer differ from state to state, so call a local title agency that has been around for a while and understands the requirements. Stay away from fly-by-night or brand new agencies because they may close up shop and leave you high and dry. I grew up working in my family's title insurance company in Utah. My great-grandfather started it as an abstract company (predecessor to modern title insurance) in 1904. I've seen many title companies come and go because the profit margins on this business are so shallow and it can be a boom or bust industry, because it is so closely tied to the boom or bust nature of the real estate industry. Title insurance is a pretty specialized business and it's not something you can really go to college to learn, so going to establish, reputable companies who have been in the business for a long time ensures that you are getting knowledge, expertise, and specialized experts who can help you with everything from water rights, canal shares, doing a quiet-title process, transferring property as part of probate of an estate, quit claiming yourself off a property, doing a PR to see if you want to purchase an investment, updating title after a divorce, etc. The companies that have weathered the financial storms over the last 20 years are the companies that are going to be there for you if a claim crops up in the future. One example of why you ALWAYS require an owner's policy regardless of how you are purchasing or from whom is as follows. A family in my hometown purchased a stately old home to turn into a B&B. As the B&B rose in popularity they wanted to expand and talked to a neighbor who owned the two homed behind and next to the B&B. They'd known the neighbor for years, trusted them when they said both homes were "free and clear" (meaning no loans or liens, and wanted to keep closing costs to a minimum. They approached my family's business and asked us to prepare and notarize the warranty deeds to transfer properties into their names but refused title insurance against or strenuous advice. Both parties came in and the seller signed the deed in front of one of our notaries, they gave the seller a cashier's check for the purchase price of both homes, then the buyer took the deeds to the county recorder's office and recorded them and paid the county fees themselves. 2 months after purchase they went to start renovating the first house and they needed to take out a HELOC to purchase supplies and pay subcontractors. Their new lender required a lender's policy, when they received the preliminary title report they found the previous owners had large HELOCs on both properties, had maxed them out before signing the warranty deeds, then moved out of the country. The family that purchased the property had been forwarding the previous owners mail to a PO Box and had no good way of getting a hold of them. They were now on the hook for over $200,000 in loans that they previous owner had taken out...which would have been caught and would have had to have been paid off and closed before transfer if they had paid for a preliminary report and owners policy before purchasing. Moral of the story? Don't trust anyone when it comes to "their word" on real estate deals, and always hire a title agency to make sure you don't get a nasty surprise when you buy property.

Isn't that what your mother said to you?

Congratulations.

Ditto

Insure it

We are all to the "manure" born.