Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
She is a lazy agent...who does not know the answer, does not care to know the answer, and is standing around waiting for the commission check. However she did tell you where to find the answer, so you know where to call.
I know it does not help now, but next time interview your agents more carefully.
Its really pathetic the level of knowledge many agents have. In the name of "avoiding liability" they seem to avoid doing anything or knowing anything. Its a bull excrement excuse to not do any extra work at all. I see it all the time.
the otp shows the buyer paying for lender and owner policy but my realtor shows me buying title insurance also...is this the norm? I asked her if i am required to purchase title insurance as the seller and she told me i would have to call the title insurance co.
That is absolutely ridiculous. The title company doesn't determine who pays--who pays is determined by the contract. And since you apparently haven't signed the offer yet, there is no contract!
A good contract has terms which are clearly spelled out. Make sure that you understand the terms before you sign an offer and make it into a contract. The language you posted does not explicitly state who is to pay.
I know of no state where title insurance is a legal requirement. I've sold a few properties without title insurance, but I knew that the title was clean. Although who pays is negotiable, it is usually customary in each state for one or the other party to pay. In Michigan, it is customary for the Seller to pay for title insurance. There's a rationale for both sides, but as long as customary practices prevail, a person will only pay once in the purchase and sale of a property.
Unfortunately, you seem to have a less than stellar agent.
So...contact the Broker of your agent and ask who customarily pays for title insurance in Wisconsin. It may be that when you bought, your purchase of title insurance was not the norm. If so, you have less bargaining power in your current situation. Still, you can seek to have the purchaser pay for the title policy or split the cost. Just make sure that everything is clearly spelled out before you sign a contract.
Truthfully, if you are explaining yourself as well to your agent as you are to us -- no wonder she is confused. She is not a title expert. She is not an attorney. In fact, in most states, she is prohibited from answering questions that would put her in the position of responding to questions that are outside of her area of expertise.
You are confusing the question of "who pays for title insurance" with the observation of "I already have an owners policy, do I need to buy another."
Who pays for the title insurance? Read your contract and go over it with your agent.
Can you transfer your current owners policy? Probably not. That is a question for title insurer/attorney.
This isn't a hard question to answer. It doesn't matter who pays for it, but there does need to be title insurance. Though most of the time where I am I see that the seller pays it, it does not have to happen that way. All the costs and who is paying what is spelled out in the contract and can be negotiated, just like the purchase price and all other terms. Because it it more common to have the seller pay it I see from time to time mentioned in the private comments in the MLS listing that the seller will not agree to pay title insurance or only will agree to do so if they have their choice of title company. Things like that, again because it's all negotiable.
You need it because what was bought when you purchased the house does not apply to the new purchase by someone else.
I prefer the word "precise", thank you....but that's being picky.
The end.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
