can an attorney in idaho issue title insurance?

Question

I cant get title insurance through any local agencies for a transaction that i really need done, their is a break in the chain of the title, my question is can i get insurance form an attorney to keep my transaction moving forward and then do the work to quiet the title later,

Im dealing with a pending property development and this is critical to the development of the property as the county will be changing its comprehensive and zoning so i need to get my permits asap. This is a hard money re finance thats already in escrow, that will allow me to pay for my permits. I have 3 days to resolve this.

Does anyone know what i can do, is their a national company that takes higher risk transactions or can i get it from an attorney in my state.

Answer 1

I agree with Mary B, except that the title insurance policy that you may have purchased when you bought the property would only clear title up until the time the insurance policy was purchased (it won't cover any future events)...the title insurance policy guarantees clear title (or help to clear the title) up to the date that you purchased the property...

Answer 2

An attorney DOES NOT issue title insurance.

They research the title, issue a "title opinion", and then submit the research to one of the four major title insurance underwriters (Stewart, Chicago, etc), and that is how title insurance is issued.

You can't get title insurance because there was a BREAK in the title....do you know what title insurance is? It covers the buyer against prior claims to the property....if there is a problem in the chain of title, then you cannot guarantee your buyer won't have a previous owner file a claim stating that they still own the property...therefore you cannot convey clear title.

You now have a property that is unmarketable, unless you can find a cash buyer, and they would be a fool to purchase it. No bank will finance a home without title insurance for that very reason.

You need to find out what to do to fix it, and a real estate attorney can help you. Unfortunately that will mean that you will most likely lose your current buyer.

DO YOU have title insurance when you purchased the home? If you do...then the title insurance that YOU bought should cover any and all legal costs to clear the title.

Find the attorney that did your closing when you purchased the home.

Answer 3

In order to sell insurance, the person has to have two things: 1. A license to sell insurance and 2. a carrier willing to appoint them.

If your attorney is ALSO a licensed insurance agent, then yes.

If you can't get your title insurance through a local title insurance company, no one else will be able to get this title insurance for you, either. Whatever the issue is, keeping the title insurance company from issuing, it's going to be the same everywhere. If it's a TIME issue, dealing directly with the title insurance company is the FASTEST way to get it done - it will take a BROKER, longer.

Saying, "ok, let's get the insurance first, and figure out if the title is clear later", is like giving a kid the driver's license first, THEN seeing if he can pass the eye, written, and driving tests. Nobody is going to do it.

Answer 4

You're not going to find ANY title insurer who will give you title coverage on a title which is knowingly clouded, especially if there is a pending property development.

What you are asking is akin to looking for someone to insure your car against vandalism when it's already been vandalized. Not gonna work.