We just paid off our land note and asked the same bank to finance a new home. Why a title policy?

As soon as we paid off our land note with the bank, we asked the bank to finance the building of our new home. I was shocked to see they are charging us for a title policy on a new home, on land they held the note on and we just paid off. The courthouse is all computerized and all you have to do is go there and find out in 2 minutes if they have been any liens on the land. Also, the attorney works as his own closer, so he splits the title policy with the title company 60 / 40. Why does a title policy cost so much when it gets pocketed by the title company and other closer? Would all banks require this title policy? It doesn't make sense but I know it is a ripoff. Anybody that works for the title insurance company, please justify these fees when you can go to most courthouses and look up these things in minutes. Why is it a well kept secret that if you pay tile insurance and sell within 7 years, you don't have to pay it all over again?

I don't mean to insult or hurt you. If I did, please forgive and excuse me.. A very basic question: IF you didn't need or want that money, you wouldn't ask for it, would you?

The bank or any reputable lender wants to protect their investment in your land to and through you. They want to make absolutely sure:

1] Someone else, representing and pretending to be you, represented they are and were the legal owner of your property. AND THEY got money they know darn right well they shouldn't have - leaving a lender AND quite possibly YOU "holding the bag". "Identity theft" is a very common occurrence these days, isn't it?

2] In the event they have to foreclose, they want to make absolutely certain they are the first in line by being the 1st Mortgagor or the first lien holder.

3] You, the Land Owner, didn't pledge that ground for a friend or relative who may have been in trouble with the law AND you, as Mr./Ms. Nice Person, put that land up as collateral - to make sure the person you are/were helping will appear before the Court on the appointed day and time.

Many, many times fraud is committed by one or more of the parties:

1] Lying - this is why an affidavit is prepared and notarized.

2] Pretending to be someone else who they absolutely know they aren't; ditto

3] and/or Actually forging names to documents.

and other reasons - probably too many to mention here [and no sense giving any unscrupulous people or anyone else any more ideas, is there?].

The lender wants to make sure you didn't sign for any other personal property or real property and put up the ground you own - free and clear - as additional collateral.

Its not a huge cost, is it? As a matter of fact, it’s a small price to pay for your own peace-of-mind, isn’t it? In many instances you may be able to incorporate that title insurance policy as part of your loan.

If you feel you're being ripped-off, you can shop the loan at other lending institutions:

A) to see what they have for fees and

B) how much those fees are &&&&

C) what ELSE they may require of you for that loan.

In Pennsylvania, where I live and practiced real estate, there is a "re-issue rate" for title insurance.

Perhaps your state or country has a similar situation for "re-fis" [re-financed properties] and construction loans.

Its worth looking in to, isn't it?

I wish you well.

Our Family Slogan: "Every Good Wish to You and Yours!" I wish you, your family and your friends nothing but the absolute best of everything life has to offer.

Very Truly Yours,

Ron Berue

If you are looking for a construction loan I can help you get it

shot me an e-mail.... I have great options without you paying for as long as 12 months or your construction term.

That means savings, a lot of savings.

shot me an e-mail

fnfssandoval@yahoo.com

A title policy is required EVERY time you refinance, even if it is the same lender with the same piece of property. The title insurance is there to protect you, as well as the lender, from any inequalities or clouds on the title. The title firm has no idea if something untoward has come up between the first title policy and the refinance time, so they require a re-issue.

Simple: they want a guarantee that there are no liens/trusts/mortgages that will be higher in priority than their own. The title insurance company charges for the insurance to protect the bank for as long as it has the loan. These insurance fees are regulated by your state insurance commission--you can check to verify that yours are ok. I understand how you feel, but title insurance is one of those essential steps a bank has to take and it might be required by the regulators or investors.

there are other things besides liens that have to be searched for. The title search also looks for special assesments, any unfinished paperwork (such as from when you bought the property) etc etc. Believe it or not there are transactions that go through only to find out later something wasnt signed etc. So by buying the title insurance you are insured against anything that could have gone wrong or been missed. Its to protect YOU. If you keep your title policy and dont lose it and you sell or refinance within a few years you can get a very big discount on the new policy.

Is there any bank in India that gives Home Loan on agricultural/farm land in Gram Panchayat layout ?

I stay in Hyderabad and I would like to buy a plot in the outskirts which is a farm land. Assuming this agriculture land cannot be converted to residential land, can I still avail home loan and get tax benefits? It falls in gram panchayat layout and is not HUDA approved. Pls let me know which bank I can approach.

No bank will finance you for un authorized houses constructed on a illegal layout. If it is outside of HUDA area, then Grama Panchayat layout are valid. But if the land conversion is not passable (like in Shamshabad area - Green built area - bio zone area), then no bank will finance it.

But if any one finance it, weather it is a legal house or illegal house, then you can avail income tax benefits. The Income Tax department will give benefits on any house let it be in Delhi or in a small village.

No Bank or financial institution will provide you with loan to buy land (agricultural or otherwise).

You need to buy the land with your own funds (which may be borrowed from friends / relatives).

Any nationalised bank, HUDCO etc will provide you with financial assistance against this land for development.

Against agricultural land you cannot avail home loans. You will first have to get it converted. After that if you want home loans to construct a home over it funding will be provided by banks.

regards,

CMA. Devarajan

What bank in the Chicago land area has the best interest rate for a Minor's Savings Account?

I am going to open a saving account for my nephew and was going to go through Fifth Third bank. I use Fifth Third personally but they only offer 0.10% interest on their Minor's Savings Accounts. Are there any banks out there that give you more then that?

that would be about right -- in you are looking long term with small deposits why not buy series "i" savings bonds!!!!

Capital one gives me (in NYC) 25% for my child savings account. http://answers.yahoo.com/question/accuse_write?qid=20080409000201AAGF3mU&kid=BZh5HGfvEjmCeV4y09Gp&s=comm&date=2009-01-07+09%3A31%3A13&.crumb=

sorry 0.25% http://answers.yahoo.com/question/accuse_write?qid=20080409000201AAGF3mU&kid=BZh5HGfvEjmCeV4y09Gp&s=comm&date=2009-01-07+09%3A37%3A17&.crumb=

Nationalised Banks are not granting loan for purchase of agri land. Which Bank provides for agri land loan?

Do you know which Banks are granting loan for purchase of agri land and its commercial development? If you know specific loan which can provides for agri land loan then pl. inform me by email.

Try NABARD which gives loans for Agriculture, industry etc.

NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts. It also has the mandate to support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas. In discharging its role as a facilitator for rural prosperity NABARD is entrusted with

1. Providing refinance to lending institutions in rural areas

2. Bringing about or promoting institutional development and

3. Evaluating, monitoring and inspecting the client banks

Besides this pivotal role, NABARD also:

• Acts as a coordinator in the operations of rural credit institutions

• Extends assistance to the government, the Reserve Bank of India and other organizations in matters relating to rural development

• Offers training and research facilities for banks, cooperatives and organizations working in the field of rural development

• Helps the state governments in reaching their targets of providing assistance to eligible institutions in agriculture and rural development

U may ask NABARD for a loan.

I am trying to look for a Land bank branch anywhere in California do you know where i could find one?

Here's the link. If you give them a call they should be able to answer any questions you have, and give you information on the other locations. Hope it helps!

http://national.citysearch.com/profile/32516863/?brand=smx_ypnat-nc

Can I get loan for buying a land in India from bank in Dubai?

I live in Dubai, UAE & as u all r aware that land loans are not sanctioned in India... So does any bank in Dubai give loans for buying properties in India????

i think so if you have a residence vist then it should not bee a problem

Does anyone one know where I should go to propose an available land site to Bank of America for a new branch?

I have acquired a piece of real estate and would like to find out if the Bank of America Corporation might be interested in purchasing it for one of their branch facilities.

I would contact your local branch manager and ask who you need to contact at their corporate offices. Once you get that name, make sure when you call that you state that you have a viable location for a branch that they may find interesting. Do not tell the receptionist exactly why you are calling (remember they are the gate keeper) and you will not get the run around. You can even speak to the assistant (who I'm sure) who can get your message to the right person or persons.

Make sure you tell the receptionist that you want to make an appointment to speak with (whoever is is). That way she won't just say he/she is unavailable.

You could send a letter to BOA, but it will most likely end up in the trash. Most corporate entities have RE brokers identified to seek out properties for them, they don't accept solicitations.

Go to Yahoo answers, pose a question there, possibly a Representative from the bank will see your question and contact you.