[BC] SIX percent - Title searches

[Larry Albert]

At 04:24 PM 7/26/05 -0500, you wrote:
>Clive Warner wrote:
>>SIX percent? Madness. UK = 2.5% TOPS.
>
>         Clive, it doesn't stop there. Here in the colonies we also pay a 
> company to check with the government to make sure there are no leins on 
> the property. Then we pay these "Title" companies again for an insurnace 
> policy to make sure they did their job. In some places, they have a fixed 
> and/or minimum rate. In others, it is a percentage.
>
>         Silly old Mother England. Walk in and check with the government's 
> computer and you are all set.
>
>         tom bosscher
>
>         who DOES have a problem with Title companys.

   Here in Kentucky you are NOT required to have a title company do the 
search.
   ANYONE can go the county clerks office and look at all real estate 
mortgages and deeds for free.
   I believe this is true in others states also.
   Land deeds and mortgages are public records and FOI applies.

   HOWEVER the banks and loan companies will demand/require title insurance 
before lending you the money.

   Not title company search =  not title insurance.

   Catch 22!

Albert

PS:  SIX percent - here that is three percent for the listing office's 
broker and listing sales person.
The other three percent is for the selling office's broker and sales person.
There are some sales office on internet with lower commissions.
These internet offices will become a serious threat to the sacred six percent.