By al

July 19, 2006 07:30 PM | Link to this

That’s not surprising. I’m sure there are other items that Floridians are getting ripped off on. I’ve lived in S. FL since 1992…I’m about ready to give up on paradise.

By Skip

July 20, 2006 06:12 AM | Link to this

Maybe you should look at state government, not the title companies. Florida has “promulgated rates” for title insurance which is a minimum that can be charged. While the law changed a few years ago to make these rates negotiable, no title agency is charging less than promulgated except on large commercial policies.

By Reality

July 20, 2006 08:37 AM | Link to this

Title Insurance costs are high because Realtors require title companies to give them kickbacks in order to get their business. Title companies just charge consumers the costs of the kickbacks. Most real estate companies set up an affiliated business arrangement to funnel the kickbacks to the broker/Realtor. It works and no one is doing anything about it. Coldwell Banker, Illustrated Properties, and Re/max Direct are just a few who scam citizens via affiliated business arrangements.

By The People's Attorney

July 20, 2006 08:41 AM | Link to this

Keyes Realty also requires title companies to give them kickbacks from the affiliated business set up. Tom Gallagher shut down 64 of these kickback set ups last year in Orlando. When plaintiff’s attorneys get their arms around and understand the situation that is when you will see class action suits.

http://www.fldfs.com/pressoffice/ViewMediaRelease.asp?ID=2124

By CAD

July 20, 2006 09:20 AM | Link to this

Real Estate Agents have a right to receive a referral incentive from title companies. It’s good money that helps pay for the PB lifestyle, how is that my fault. You can make up to $500 a deal, thats good money. So what if it comes out of these rich seller’s pockets? Sellers are making VERY good money selling their homes in this market, so what if a little extra is taken out. And guess what it is legal in Florida if you disclose it.

By R.F.A.

July 20, 2006 09:26 AM | Link to this

Hey CAD no one “disclosed” to me that I was being ripped off $500 when I bought my home.

By Stevens

July 20, 2006 09:45 AM | Link to this

RFA: just think what $500 could have bought you. A new fridge, a quarter towards your home-owners insurance, something nice for your wife. Think about all that gasoline you could have afforded!!!

I would take a complaint to HUD, the FLDFS, or find a good lawyer.

p.s. I never used those bigger Realty companies and I saved a ton! MY 2 Cents!

By Harry

July 20, 2006 10:53 AM | Link to this

CAD, you must work for Illustrated Properties, their the best at getting additional money from their clients, after I paid a $25000 commission I found out they had gotten an additional $1000.00 from the title company (Universal Land Title) and Mortgage Broker just for sending me and my buyer to them. High cost of settlement fees are caused by greedy Real Estate Brokers!

By TH

July 20, 2006 09:12 PM | Link to this

In a bubble, high prices are sustained only by the expectation of more high prices. That is what makes a bubble a bubble, prone to bursting.

It’s driven by specualtion on the way up and by reality on the way down.

By Title Guy

July 21, 2006 01:10 PM | Link to this

I think Jeff Ostrowski should consider doing some additional research on this subject. Perhaps he could speak with attorneys who are members of Attorneys Title Insurance Fund for their perspective on illegal kickbacks. Perhaps then he would be surprised to learn that there are several title companies who earn business based on a good reputation and a commitment to following the rules.

I have one other suggestion for Mr. Ostrowski. Why don’t you inform the readers of what title insurance is and what it does? In fact, he might discover that title isurance does much more than protect lenders; more importantly, it protects land owners too. Ever hear of a wild deed? Know what it can do to an owner’s claim to property? Learn about it.

Respectfully, Title Guy

By Another Title Guy

July 22, 2006 11:35 AM | Link to this

Consumers are always happy to jump on a bandwagon claim that they are being charged too much or are being ripped off for a service. The problem here is that, as the author noted, most people have no clue what title insurance is, how difficult it really is to “clear title” or that the title insurance actually protects the homeowner and not only the mortgage lender. I invite any prospective home buyer to consult their attorney and ask if they should purchase their property without title insurance. Most likely, not one would say they should. As far as the current premiums; they are, in fact, promulgated by the State and have not been increased for many many years; unlike the homeowner’s insurance that increases every single year. We all know the costs of business certainly have not remained the same. Finally, I invite any critic to spend a week working in a title company or real estate attorney’s office and guarantee nobody would then agree that title insurance premiums are too high, but would very likely determine they should be increased. Furthermore, the title insurance premium is a one-time fee that protects your property for as long as you own it. If any kickbacks are given to realtors, that comes out of the title company profits and is NOT passed on to the consumer. Hardly seems fair to the title company that they are forced to give away their profits if they want to stay in business, which is difficult enough without the greedy realtors banging down the door with their hands out. To the author — you should do your research from both sides of an issue before making such inaccurate claims.

By Steve

July 23, 2006 12:45 AM | Link to this

When it hits the fan. Alot of people in the real estate biz may be wearing orange jumpsuits.

I’m sure it’s grueling to “clear title”. lol

By ECSESquitre

July 24, 2006 03:58 PM | Link to this

I worked at a title company. Ticor Title—you may have heard of them.

The expereince taught me a lot! it taught me that Ticor was not the least concerned with the homeowner— their customers were escrow companies.

Yes, it can be ddifficult and costly to clear title when there is a problem— but these are very rare and almost never involve residential properties.

Escrow companies and title companies are largely scams. and I am an attorney!

By TitleGuy

July 25, 2006 12:52 PM | Link to this

It appears that ECSESquitre (interesting name…is it esquire or quitter?)had a bad run at Ticor. Perhaps if he worked with the FUND, he/she would have understood the purpose of title insurance. First, as AnotherTitleGuy explained, in simple terms, that title insurance is cheap compared to fees generated by lenders, realtors, homeowner insurers and the counties. More importantly, ECSESquitre admitted that title claims can be costly and difficult to resolve. This is the crux of the argument in favor of title insurance. Like hazard insurance, which is much more expensive, title insurance coverage is historically rarely utilized. Would one cry about their hazard premium following a casualty knowing they will (most likely) be protected? The same is true with title insurance.

Sure, in most cases, title insurance isn’t mandatory. However, I suspect ECSESquitre would be facing a bar complaint if he/she counseled buyers not to have title insurance, only to discover later that his/her clients property is being foreclosed by a lender, or worse, the federal government for unsatisfied liens. Lets see, other scenarios include tax deeds, easements, oil, gas and mineral rights, navigational servitude, wild deeds…and the list goes on.

Therefore, as my property law professor once said; “Caveat emptor”.

Respectfully, Title Guy

By car insurence

July 28, 2006 03:08 AM | Link to this

car insurence car insurence

By aig auto insurance

July 29, 2006 05:29 PM | Link to this

aig auto insurance aig auto insurance

By xenadrine rfa

July 30, 2006 08:43 PM | Link to this

xenadrine rfa xenadrine rfa