http://www.biggerpockets.com/renewsblog/2008/03/20/why-chain-of-title-is-important-to-your-investment-property-purchase/ Learn, Network, Invest Sun, 12 Feb 2012 02:59:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.biggerpockets.com/renewsblog/2008/03/20/why-chain-of-title-is-important-to-your-investment-property-purchase/#comment-55461 Gregory Bain Thu, 20 Mar 2008 20:05:38 +0000 http://www.biggerpockets.com/renewsblog/2008/03/20/why-chain-of-title-is-important-to-your-investment-property-purchase/#comment-55461 Title Insurance is one of the biggest rip offs to the American people. If they buy a house in 1965 and have title insurance it is good for what they paid for the lot - about $3000 less the 90% the Title Company will reimburse you when a defect is found in 2008. Of course the land has no clear title and now can't be SOLD. What good will $3000 do for the "owner" of property with an appraised value of $350,000? There is good reason in New Jersey the Department of Banking and Insurance are grouped together. Title Insurance is one of the biggest rip offs to the American people. If they buy a house in 1965 and have title insurance it is good for what they paid for the lot – about $3000 less the 90% the Title Company will reimburse you when a defect is found in 2008. Of course the land has no clear title and now can’t be SOLD. What good will $3000 do for the “owner” of property with an appraised value of $350,000? There is good reason in New Jersey the Department of Banking and Insurance are grouped together.

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