Co-op Title Insurance

We ALWAYS do it, but we have a different reason than most:

When we buy a foreclosure, there can always be a question about the process because the sales are non-juducial. So, we are always concerned aboput selling the units if our buyers attorney starts asking all sorts of questions which we can't get answered from the bank or bank's attorney which we purchased from. So, the biggest reason we always get it is that we can say:

a) Look, we got Title Insurance, if there was anything wrong, we couldn't have gotten a Title Company to insure good and marketable Title, could we?, and
b) Look, we have Title Insurance. If you have ANY DOUBTS, we'll get the same Title Insurance Company for you: they are on the hook already for the Title, so ther is no question they will insure for you as well.

It is difficult to find it, though, as most Title Companies do not commonly offer it.

But I will also note there there have ben several cases where Coops/Managing Agents have screwed up and given replacement stock certificates when they should not have (there's a famous case where I think Douglass Elliman ended up paying a bank several hundred thousand dollars because they transferred a property which had a share loan out on it and failed to make sure the bank got their payoff).

Thanks for your insight, 30yrs_RE_20_in_REO. Would you feel that title insurance is useful when you're not dealing with a foreclosure sale?

Very few usually get it. I mean, even on condos where you are required to get it (by your bank) it is of little use (how many title claims have there been?). If you are REALLY, REALLY risk averse or hav somereason to belive there was a problem, maybe

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