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Does Anyone Know The Procedure For Submitting Property Title Insurance Claims? |
The state of Boston requires that sellers and purchasers pay for attorney review of real estate sales documents. On top of this consumers must also pay title companies and purchase title insurance. This drastically increases the cost to consumers and does little to protect consumer’s interests.
I paid an attorney $1,000.00 (one-thousand dollars) to review documents, including title documents. Additionally, I paid $1, 200.00 for title insurance.
I later learned that there were unpaid water charges due to the City of Boston that totaled nearly $600.00 and unpaid real-estate taxes totaling nearly $2,000.00.
I never received a copy of my title
| Answer: Boston, and the rest of Massachusetts is kind of a funny third world country with their rules, regulations, requirements and procedures (yeah I grew up there). Anyway, where I'm from NOW, water and back taxes are not something that is cleared up by a title insurance policy. Until recently, if you purchased property in Columbus OH, and the prior owner had an outstanding water bill, you were on the hook until it was paid. You didn't have to pay it, they just wouldn't turn on your water. City council changed that rule a few years ago. Payment of back taxes should have been outlined in your real estate purchase agreement. Since $2000 is about 15 minutes worth of real estate |
Insurance Talk: Analysis highlights ‘surprising’ property/casualty strength in first quarter 
@ SingleSource Property Solutions. I'm back to doing Title Insurance again. WHOO-HOO!!
Buying a new home? Learn how title insurance can protect your ownership of the property you purchase: