Comments on: One Man’s Junk… http://sandiegohomeblog.com/2006/11/30/one-mans-junk/ A San Diego Real Estate Web Log Sat, 13 Mar 2010 21:29:14 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Steve Berg http://sandiegohomeblog.com/2006/11/30/one-mans-junk/comment-page-1/#comment-6539 Steve Berg Mon, 04 Dec 2006 20:26:30 +0000 http://sandiegohomeblog.com/2006/11/30/one-mans-junk/#comment-6539 Diane and Ardell: I am such a gringo!! Obviously, I need to get out (of San Diego ) more. Maybe this is the time to bring up the "road trip" concept to Kris, again. Anyway, thanks for enlightening me. That's what I like about this job. Learn something new every day. Diane and Ardell: I am such a gringo!! Obviously, I need to get out (of San Diego ) more. Maybe this is the time to bring up the “road trip” concept to Kris, again. Anyway, thanks for enlightening me. That’s what I like about this job. Learn something new every day.

]]> By: Diane Cipa, General Manager, The Closing Specialists® http://sandiegohomeblog.com/2006/11/30/one-mans-junk/comment-page-1/#comment-6536 Diane Cipa, General Manager, The Closing Specialists® Mon, 04 Dec 2006 20:00:53 +0000 http://sandiegohomeblog.com/2006/11/30/one-mans-junk/#comment-6536 Just to wrap up the PA chat. Title insurance agents are charged with clearing title and do provide copies of title insurance commitments to lenders prior to closing. Frankly, the lender won't allow a deal to go to the closing table without reviewing the commitment. The buyer is the one who typically doesn't get to see the commitment prior to close. Title insurance agents are supposed to provide a copy for review however, I have yet to meet one besides TCS who does. It's unlikely that a title insurance agent would know about the buyer's plans for a pool and so the buyer review of the commitment prior to close is his only protection - along with a survey. I have a feeling that Steve and Kris, if they were selling in PA, would know how to read a title insurance commitment and likely would review it with their buyer prior to close. KUDOS - You're a rarity. Just to wrap up the PA chat. Title insurance agents are charged with clearing title and do provide copies of title insurance commitments to lenders prior to closing. Frankly, the lender won’t allow a deal to go to the closing table without reviewing the commitment. The buyer is the one who typically doesn’t get to see the commitment prior to close. Title insurance agents are supposed to provide a copy for review however, I have yet to meet one besides TCS who does.

It’s unlikely that a title insurance agent would know about the buyer’s plans for a pool and so the buyer review of the commitment prior to close is his only protection – along with a survey.

I have a feeling that Steve and Kris, if they were selling in PA, would know how to read a title insurance commitment and likely would review it with their buyer prior to close. KUDOS – You’re a rarity.

]]> By: Kris Berg http://sandiegohomeblog.com/2006/11/30/one-mans-junk/comment-page-1/#comment-6454 Kris Berg Mon, 04 Dec 2006 00:37:36 +0000 http://sandiegohomeblog.com/2006/11/30/one-mans-junk/#comment-6454 Thanks for straightening him (us, actually) out. We tend to forget that there is a world beyond San Diego! I like the "big oak tree" method, by the way. I grew up around a Grandfather who always gave directions like "turn left at the school past the fillin' station then keep on til the blacktop road" etc... :) Thanks for straightening him (us, actually) out. We tend to forget that there is a world beyond San Diego!

I like the “big oak tree” method, by the way. I grew up around a Grandfather who always gave directions like “turn left at the school past the fillin’ station then keep on til the blacktop road” etc… :)

]]> By: Ardell DellaLoggia http://sandiegohomeblog.com/2006/11/30/one-mans-junk/comment-page-1/#comment-6445 Ardell DellaLoggia Sun, 03 Dec 2006 22:58:22 +0000 http://sandiegohomeblog.com/2006/11/30/one-mans-junk/#comment-6445 If I may mediate here for a second. Major difference Steve, between San Diego and PA. Title Company handles the closing (no escrow) and so Title Officer actually reviews and clears clouds as part of closing. San Diego pays "double for nothing" by comparison. Also yes, real live actual surveys are done, when property changes hands. You'd be surprised what you find that you don't expect, like attached homes not really built in the lot lines. You can't move the house, but you can get tax break and or a settlement from the other lot owner. PA is a "metes and bounds" state. No range lines, etc...full, feet on the land, survey most times, unless waived. Deeds descriptions are "from the big oak tree"... If I may mediate here for a second. Major difference Steve, between San Diego and PA. Title Company handles the closing (no escrow) and so Title Officer actually reviews and clears clouds as part of closing. San Diego pays “double for nothing” by comparison. Also yes, real live actual surveys are done, when property changes hands. You’d be surprised what you find that you don’t expect, like attached homes not really built in the lot lines. You can’t move the house, but you can get tax break and or a settlement from the other lot owner.

PA is a “metes and bounds” state. No range lines, etc…full, feet on the land, survey most times, unless waived. Deeds descriptions are “from the big oak tree”…

]]> By: Steve Berg http://sandiegohomeblog.com/2006/11/30/one-mans-junk/comment-page-1/#comment-6415 Steve Berg Sun, 03 Dec 2006 18:01:34 +0000 http://sandiegohomeblog.com/2006/11/30/one-mans-junk/#comment-6415 Thanks for your comment Diane. But I'm a bit confused. How does a lender commit to a loan for a property in PA absent a PR and/or a title policy insuring them and the buyer that there are no clouds on title or other exceptions to title that could come back to bite them? Also, just for clarification purposes, the "survey" you refer to is usually a review of exceptions to title on record (County Recorder), not a physcial survey of the property. A physical survey is necessary in cases of encroachments and/or property line questions. For most "cookie cutter" subdivisons out here, it is fairly rare. Thanks for your comment Diane. But I’m a bit confused. How does a lender commit to a loan for a property in PA absent a PR and/or a title policy insuring them and the buyer that there are no clouds on title or other exceptions to title that could come back to bite them? Also, just for clarification purposes, the “survey” you refer to is usually a review of exceptions to title on record (County Recorder), not a physcial survey of the property. A physical survey is necessary in cases of encroachments and/or property line questions. For most “cookie cutter” subdivisons out here, it is fairly rare.

]]> By: Diane Cipa, General Manager, The Closing Specialists® http://sandiegohomeblog.com/2006/11/30/one-mans-junk/comment-page-1/#comment-6334 Diane Cipa, General Manager, The Closing Specialists® Sat, 02 Dec 2006 22:15:41 +0000 http://sandiegohomeblog.com/2006/11/30/one-mans-junk/#comment-6334 Great post. I’m impressed. I don’t think I have ever met a real estate agent here in Pennsylvania who routinely reviews title insurance commitments. In fact, I would guess most PA real estate agents have never read one. I’ll take that one step further and say that most PA title insurance agents don’t even mail a copy to the buyer for review before closing. The other interesting point in your story is the visual notice of the easement on the survey. In PA, we don’t have survey standards and so even if the buyer decides to purchase a survey – which is rare – they have a high probability that the easement won’t be drawn on the map. Any consumer reading this post should take heed. Shop for a real estate agent like Kris or Steve Berg who is capable and cares enough to watch your back. Shop for a title insurance agent like The Closing Specialists® who will make the title insurance commitment available for review and approval prior to closing. Shop for a surveyor who will show all easements and restrictions that will affect your use and enjoyment of the property. Great post. I’m impressed. I don’t think I have ever met a real estate agent here in Pennsylvania who routinely reviews title insurance commitments. In fact, I would guess most PA real estate agents have never read one. I’ll take that one step further and say that most PA title insurance agents don’t even mail a copy to the buyer for review before closing.

The other interesting point in your story is the visual notice of the easement on the survey. In PA, we don’t have survey standards and so even if the buyer decides to purchase a survey – which is rare – they have a high probability that the easement won’t be drawn on the map.

Any consumer reading this post should take heed. Shop for a real estate agent like Kris or Steve Berg who is capable and cares enough to watch your back. Shop for a title insurance agent like The Closing Specialists® who will make the title insurance commitment available for review and approval prior to closing. Shop for a surveyor who will show all easements and restrictions that will affect your use and enjoyment of the property.

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