E047: Talking Title with Leah Negri, The importance of title insurance and reading your title commitment

In this episode, Nicole Saunches interviews Leah Negri, General Manager of Platinum National Title.  For Leah, this is a family affair as she and her mother manage Platinum National Title and between the two of them have more than 50 years of experience in the title industry!  

Leah and Nicole speak about the importance of title insurance and why it is critical to store your title insurance policy in a safe space.  Additionally, they discuss how a defect in the title, also known as a cloud in the title, can delay and/or derail a transaction.  They discuss examples of title defects we have experienced as well as share a tip for sellers that it may be beneficial to have a preliminary title search in advance of selling your property to ensure there aren't any title defects that need to be remediated.  As evidenced in the examples, sometimes there are defects that occur due to clerical mistakes or previous owners and are out of the current sellers control.  

Real estate laws vary by state.  For example, did you know in the state of Florida a title company only insures the property's legal description (as opposed to the property address or parcel ID).  Leah and Nicole also discuss a couple of other ways the real estate business is different in other states as well as other counties within Florida.  

Additionally, Leah suggests obtaining an owners encumbrance report for properties that buyers may be bidding on at auction to help prevent a buyer from inheriting previous owners' title defects (such as delinquent property taxes, IRS liens or delinquent HOA fees - just to name a few).  

Finally, Leah and Nicole share a tip on how a buyer or seller (depending on who is purchasing the owner's policy) can get a rebate on title insurance if the property is sold within three years of the policy.  And, hint, the same tip applies for buyers who refinance within three years of purchasing their home.