Title Insurance…What is it Good For?

My goodness! I am feeling slightly beat up and tail dragging. I sold a home that had a cloud on title and it took a lot of extra work, about 20 hours, to get it resolved. Now I can hear some of you saying, “So what, look how much you get paid”! Well yes I do get paid however this was an additional 20 hours of work that I did not get extra compensation for. Try working at your regular job and then work Saturday and Sunday and a couple of nights for no extra pay and see how you feel.
The work I did for my buyer was work that I did not need to do. Work and a goal I achieved when the title company and bank said I could not do it. They said it would take 12 weeks to get it done after we gathered all the information and submitted it completely and correctly. COMPLETELY? AND CORRECTLY! Oh my goodness!
I got it done in 2 weeks. The main reason I got it done is because I met a neighbor who, like me, cares about his neighbors. You see he and the seller discovered that they both had trouble. His driveway was on the sellers property and the seller’s shed was on his. The neighbor filed a claim, title insurance came in and at no expense to the seller, fixed the problem. Or so we thought…
The title company or the attorney had forgotten to get the lien waivers from the banks. You see, when a bank gives you a loan it is for the whole thing. So you cannot sell or trade some of it without their permission. Even though the land exchanged was equal in size and no money was exchanged the lenders must still give their approval and sign releases. UGH! Now we had a problem.
I am grateful I knocked on the neighbors door and we talked. He had filed the claim. When I ran into a dead end with his title company he called me and said “no way”. He had the name and the number for the title person who would let us close on the property. I called our title company and gave them the updated information. We were able to close, just 1 week late. Thank goodness for good neighbors. Thank goodness they had the correct title insurance to fix the problem. Not all do. Title companies, what are they good for? Just like other insurance agencies, as long as you have the proper insurance, they help protect you. All the Best Richie Rich

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