What Is Title Insurance

INVESTOR CAUGHT IN INVESTMENT PROPERTY WITH HIS PANTS DOWN!!!

I am still in tears from laughter. I don’t know who was more embarrassed me or another investor. Sunday afternoon I went to look at a property. I talked to the investor who owned the property we agreed on the time. I would go by and look at it because someone lives in it. So I went right after church which was around 12:45. My family was with me I told them to stay in the car while I went in and checked out the property. I knocked on the door before using the code to let myself in. No one answered so I entered. I looked around the living room, and kitchen area then proceeded down the hall to look at the bedrooms. I looked at the first two bedrooms and bathroom. Stood in the hallway and made a couple of notes. Then I proceed to the master bedroom. I went in and looked around. I slid the door to the master bathroom open, and got a HUGE SHOCK. A man was bent over pulling up his pants. I screamed then he screamed. He had ear plugs in hiss ears. So he never heard me knock or enter the home. I turned and walked away. Trying not to laugh while I told him that the owner said it was ok for me to come by between 12:30 and 1:00. I was standing in the hall because I didn’t know what was on his mind seeing a stranger in his house. He yelled “I AM THE OWNER AND IT’S ONLY AFTER 11:30”. I ensured him it was almost 1:00. He came out of the room and told me he didn’t realize it was that late. Not looking at him I said oh no problem. I realized he didn’t look at me and I didn’t look at him. Talking about weird. I left the out of the house and burst into laughter. Told my family what happened when I got in the car we laughed.

Later that day I called to make an offer on the house. I made the offer lower then what I had planned. He accepted the offer plus he took and extra $500 off for making me feel uncomfortable. We joked about it and agreed at the closing all pants would be up. I STILL HAVE NOT SEEN THAT BATHROOM!!!!

Part 2: You Are The Tenant Not The Owner!!

I can not believe it! Today is the second of March and my (funny) tenant has PAID his rent. I will not get too excited because this is the first. I went and had a long talk with him over the weekend, and gave him a copy of the lease. That he claimed he never read. I went thru the lease and highlighted the items of the lease he was breaking. I told him just don’t read the highlighted areas read the whole lease. Then I took off my landlord hat for a few minutes and told him what I was going to do if he does not follow the lease. Ok so he paid the rent on time, and told me he would have the walls painted back to off white by the 15^th of the month (remember I informed him of what would happen if he didn’t follow the lease). Now don’t get me wrong I will not let my guard down. He always pays his rent by the 10^th of every month (although it’s due by the 5^th). As he “TOLD” me he would do. (LOL)Ok I told you the good part about it me taking off my landlord hat worked well at least for this month. Here is the funny part of it. After he paid rent and promised he would paint the walls. He asked if he could have a DOG. “I SAID READ YOUR _ LEASE”.It clearly says “NO PETS”. Let’s see how this turns out.

You Are The Tenant Not The Owner!!!

               This is so funny that I just had to share it. I have a rental home and the tenant that lives there is one of the funniest people I have come across in years. Let’s see what’s first it’s so much I just don’t know where to start. Ok the rent is due by the 5^th of every month and late charges occur after that. Well my tenant “told” me he will pay on the 10^th and if he hasn’t paid by then he will pay $25 late charge (My late charges is $10 a day). Oh it gets better it clearly states in the lease no color paint on the walls. The walls are to stay off white. He painted each room a different color, and told me it would be ok (The nerve). He basically acts like he is the owner. I am thinking about evicting him it’s not worth the headache. Someone please help me. How would you handle this tenant? If I evict him is he going to leave or tell me he is not moving by the date I give him. (Since he think he is the owner)

Why is Title Insurance So Important?

When people are looking to purchase a home they think about the style of a house, the price, and the location of the house. Normally you never here them say anything about Title Insurance. When I bring up Title Insurance a look comes across their face like “what are you talking about”. What is Title Insurance? I explain to them that its basically a guarantee that they wont have financial or legal problems with the property as a result of what may have happened to the property before they purchased it. I explain to them that Title Insurance insures that there is no fraud with the property, or no liens against the property. You always want to make sure that the seller is who they say they are.
I am sure we have all heard terrible stories about people selling and renting property that does not belong to them. Also the Title Insurance will catch any errors missed during a title search.

The cost of Title Insurance is always a big concern to buyers. I explain to them; usually the real estate attorney request the report because they are the one responsible for viewing it. Sometimes buyers want to find their own title company to work with. However you decide to handle it just make sure it’s handled. The bank is going to make sure you take out Title Insurance because that is how they protect their interest.