Posted on: 11-10-10 01:12:32
Does buyer's Realtor bring the red flag to the client if home has mortgage left over or home equity loan outstanding and the current RE offer can not cover that?
How does seller's Realtor work with client when seller can not pay the difference to bank with current market price so clean title can be transferred to new buyer?
http://www.nytimes.com/2010/10/09/your-money/mortgages/09money.html?_r=1&source=patrick.net
For instance, the person doing the title search may not notice that a home equity loan is still outstanding or that a contracting firm filed a lien against the owner years ago. That could create problems for you later, when you try to sell the home.
Thanks ashedfc. Here our govt made things simple and bought all the bad debt and still buying (5/35) so we do not need complex phrase CDO/MBS. It's easy to target banks, govt, salesman but media never blame people who use home as ATM and signed the dotted line who not suppose to be homeowner first place. No-one wants to talk about personal financial responsibilities and awareness.
But wondering how do title registration and insurance work in Canada?
Does buyer's Realtor bring the red flag to the client if home has mortgage left over or home equity loan outstanding and the current RE offer can not cover that?
How does seller's Realtor work with client when seller can not pay the difference to bank with current market price so clean title can be transferred to new buyer?
Quote:
Originally posted by ashedfc
This is a major problem in US : & its leading into Financial crisis 2.0..
MBS/CDO market is in a standstill due to the foreclosure fraud/title fraud/etc. http://www.youtube.com/watch?v=AqnHLDeedVg&feature=player_embedded & the biggest irony is no one is getting punished..
They sacrificed their runt Bernie Madof, now all bigger lambs are free walking around bleeding the economy.....
This is the end of so called upper middle class - welcome to poverty (paycheck to paycheck lifestyle) & heading for the sink hole..
Quote:
Originally posted by rahul_singh23
Does buyer's Realtor bring the red flag to the client if home has mortgage left over or home equity loan outstanding and the current RE offer can not cover that?
How does seller's Realtor work with client when seller can not pay the difference to bank with current market price so clean title can be transferred to new buyer?
http://www.nytimes.com/2010/10/09/your-money/mortgages/09money.html?_r=1&source=patrick.net
For instance, the person doing the title search may not notice that a home equity loan is still outstanding or that a contracting firm filed a lien against the owner years ago. That could create problems for you later, when you try to sell the home.
It is lawyer who notifies such items lien, permits etc. The bank will not release the title to new buyer until they are paid. Lawyer are not supposed to release the funds to the bank until these items are cleared.
Title insurance is usually done by a lawyer and is a part of the lawyer fees,It is done by lawyer to protect buyer or seller whoever he represents and to avoid getting sued.
Check with ur lawyer if u are buying old house.
All new houses are sold with Turion title insurance, u should contact ur builder.
Quote:
Originally posted by dudewheresmycar
Title insurance is usually done by a lawyer and is a part of the lawyer fees,It is done by lawyer to protect buyer or seller whoever he represents and to avoid getting sued.
Check with ur lawyer if u are buying old house.
All new houses are sold with Turion title insurance, u should contact ur builder.
Which title insurance is used for old houses ? What else one can do from buyer's prospective apart from paying lawyer his fee which includes title search ?
Quote:There are title insurance companies that provide title insurance.
Originally posted by Bingo
Which title insurance is used for old houses ?
There are very few in Canada and the top 2 control over 99% of the market.
The top ones are First Canadian, FNF and Chicago Title.
They work through the lawyers to do the title search and insure.
From what I believe, the rate of title insurance claims is very low in Canada.
Therefore, I'd think it's a pretty safe bet to go by your lawyer.
Keep in mind that if there is a title defect that surfaces later, the lawyer is accountable - not the RE agent, the mortgage broker or someone else.
Quote:Not much.
What else one can do from buyer's prospective apart from paying lawyer his fee which includes title search ?
An individual does not have easy access to all land registries, court offices, etc. to do the same thing that a law firm does easily and part of their daily routine.
You can ask your lawyer for a copy of the title search report and the title insurance certificate.
If you are buying an old property, esp. land, look out for any obvious issues such as zoning, property encroachment, etc.
And if a seller wants to make a private deal with you without involving a lawyer, smell a rat and walk away.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks Pratickm for the Details.
