Dear Dan:
Thankfully, Tennessee is still allowing a buyer to choose to have the
title checked or to trust the seller to be honest, which comes in handy when
dealing with family or a trusted friend. Many of our banks are now requiring
title insurance as part of a package, and that is especially true with the
large multi-state banks which dot our state. Those banks which deal with
customers they know, still make loans based on the person's track record and
title insurance is not a requirement.
In some states, I have seen figures that show forty percent of the cost of
a home is a result of meeting codes and regulations imposed by the states.
Unfortunately, the trend is heading our way, as the newcomers are demanding
that we do business like the states from which they recently escaped. My
advice to most of those folks has been to return to the highly regulated state
from which they came, if they don't enjoy the freedoms which still exist here.
Dan, talk to your bank and find out if the requirement for title insurance
was a bank policy, or a state requirement.
State laws can be changed, if enough pressure is brought to bear on your
elected representatives. The example you gave is a strong argument for a
change in the law, if that is Pennsylvania law.
Yours Truly,
Clifford Wilson
----- Original Message -----
From: Dan Rossi
To: [email protected]
Sent: Monday, July 02, 2007 1:20 PM
Subject: Re: [BlindHandyMan] home buying
Cliff,
You just touched on a sore spot for me. At least in Pennsylvania, title
search and title insurance are required. OK, so I can understand why I
need a title search done. I find it a bit frustrating to also have to
insure myself against the title searching company not doing their job.
What is truly frustrating is that even when I refinance a house I own, I
still have to pay for title search and insurance again.
So, my folks have a house built from scratch, they pay title search and
insurance. I purchase the house from them, there have been no owners
other than my parents, I have to pay title search and insurance. Now I am
refinancing the house and have to pay for title search and insurance.
Looks like a money making deal to me. Think I might go into the search
and insurance game.
--
Blue skies.
Dan Rossi
Carnegie Mellon University.
E-Mail: [EMAIL PROTECTED]
Tel: (412) 268-9081
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