Title search types and risks

[Nir]

Hello All,

My lawyer told me the title search he will do will cost me less and added something like "but is not as thorough".

What does it mean? what are the different types of title search including and what is the price range?

I was a little surprised becasue we initially agreed on a fixed price for everything so telling me it will cost me less contradicts our fixed price agreement.

THANKS.

 

[DennisEpp]

A unusual thing to say. The registry offices are competetive and charge between $5-$7 for a Title to a Real Estate. There is a Historical Title also. The cost of a Real Estate transaction is hardly measured in the price you pay for a Land Title, how much can u save, a buck or two and the lower cost document is not as descriptive as the regular price? A buck or two to know what you are buying, which cavaets follow ownership transfer etc. Easy answer to this one...

 

[PeterKinchMortgageTeam]

QUOTE (investmart @ Feb 6 2008, 09:34 AM)
Hello All,



My lawyer told me the title search he will do will cost me less and added something like "but is not as thorough".



What does it mean? what are the different types of title search including and what is the price range?



I was a little surprised becasue we initially agreed on a fixed price for everything so telling me it will cost me less contradicts our fixed price agreement.



THANKS.






I have a feeling that he may be referring to title insurance - if that is the case, there are different policies with different prices. One I believe, protects you as long as you own the property, and the other as long as there a mortgage.



Ask your lawyer to clarify, and make your decision based on your long term plan for the property - not the cost of the insurance (though I think the difference is only about $50)



Hope that helps,