{ "media_type": "text", "post_content": "Real estate lawyers: is title insurance a scam? Why don't we adopt IA's system of issuing title opinions instead?", "post_id": "5f6b8765e92690001c6f0e4f", "reply_count": 10, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d052", "bowl_name": "Law" }

Real estate lawyers: is title insurance a scam? Why don't we adopt IA's system of issuing title opinions instead?

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Because your malpractice premiums will go up. And it’s boring.

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I’m not sure it matters in most transactions. Lenders are going to require it.

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I practice real estate law in Iowa and can affirm the Iowa Title Guaranty program is great!

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Just get it. If you have a major unknown title defect you’ll be glad. It’s fairly cheap and lenders require it anyway.

Title insurance turned out to be a great deal for me. The money I paid at my closing for deed recording, transfer taxes, etc. was embezzled. They covered the cost in full and negotiated with the government so I didn't have to pay late fees. Probably not a common occurrence but I definitely got my money's worth.

A title opinion is different than title insurance. Title insurance covers any issue with the recording of your deed or clearing any cloud on your title. Since the company who was supposed to handle the recording of my deed and mortgage stole my money, they couldn't record my deed or mortgage because you have to pay the money when you record. So the title insurance replaced that money and recorded the deed properly and covered any associated fees or fines. They covered the whole loss.

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