Philadelphia Reflections

The musings of a physician who has served the community for over six decades

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New blog 4362 2020-09-14 20:13:54 TITLE Title Insurance (Present State)

CONTENTS: this is the main body of text

Title Insurance (Present State)

Blog 4362 :

Most people only see the Title Insurance folks at the "closings" of their purchase or sale of their house. Maybe house flippers or real estate folks know more about Title Insurance than I do, since I only owned one house in my life. At the closing of my only house a Title Representative was supposed to be present, but he was busy and didn't. I noticed he was not too busy to send me a bill for thousands of dollars one-time premium. So it was of interest later when two of them rented a vacated lawyers office next door to me, and I paid them a welcome call. They were surprisingly young for such quarters, especially whenever I knocked on the door and found they were almost never there. And surprisingly uncordial for unbusy people when they were there. That's the way it stayed, all the years we were neighbors. So one day I asked my ROMEO lunchmates what Title Insurance was all about. They laughed and said that Title Insurance used to pay the Proprietors a fee for every house sale but a few years ago they just stopped. Considering the hazy history of New Jersey land ownership I can see why there might be a need for some insurance, but I couldn't see why they stopped. The answer was it was a unilateral decision, and the Proprietors weren't given any choice. That's no answer I replied. And that's all I know from them, except I know that Quakers are very reluctant to sue anybody, feeling you can usually work everything out in a dispute by personal negotiation.

Originally published: Monday, September 14, 2020; most-recently modified: Monday, September 14, 2020

 

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