All Forum Posts by: Sylvia Castellanos

Actually the role of Tax Title Services would be to research the title and declare it issue-free if that is their conclusion.  It it then eligible for title insurance. Tax Title Services plays no further role.

Actually, among your many informative comments there was one I found especially interesting. You said  " Even if you have a property with clear title, the fact that it has gone through a tax auction and because they are so messy title insurance companies often won't insure them for a year."   Are you saying that after a year they will provide insurance"?  If I am not misreading what you said, that is something I was not aware of.

I looked up the title insurance table you were nice enough to send me.  Can you explain what the designations Sale and Non-Sale mean?

Thank you so much for the link to the table showing title insurance. I really need to have reference material like that.

I am aware of the issues you helpfully mention, and my intention is to pay Tax Title Services to address all that. I know I cannot sell any properties without title insurance. I'd like your comments.

We had been talking earlier about what  should expect the closing costs to be. You gave a range, but pointed out that in Philadelphia the cost would be higher. I wouldn't dream of trying to buy land in Philadelphia!  All my properties are Luzerne, Wayne and Lackawanna Counties in the state's Northeast.

Sorry, one more question.  Aren't the closing costs split between the seller and buyer?

What a great reply!  This is exactly what I needed. Thanks so much!

One question. Is it the seller or the buyer that pays for the title insurance?  On our hypothetical $20k property, how much might the title insurance cost?

I am pursuing my goal to be a land investor, and so far I feel good about having bought a number of lots at a good price. There is still a lot I have to learn, so my question is going to be as basic as it gets.  I need to have a way to roughly calculate how much I might earn in a land transaction.  For the moment let's leave out what I paid for the land, because it will vary and in any event it is easy to subtract that amount at the end.  Say that I am selling the lot for $20,000  (the figure might vary, but we've got to use something). How many costs do I need to subtract from that, in addition to what I paid for the land, to get to my net profit?  How much do I pay the realtor?  Are there closing costs I need to factor in?  Anything else?   I would love for you to provide as much information as possible, as it is extremely useful to me.

Jay, that is very valuable information.  Thank you.

I recently bought two vacant lots in Canton, Mississippi, in Madison County, and I plan to sell them in the near future.  I have read a lot about how the seller can do the closing on the sale himself, and save the buyer and himself a large fee. I would appreciate having people share what they know of self-closing in Mississippi, either through their own experience or that of acquaintances.  If they have used title companies or attorneys to do the closing, I would also appreciate having them share what fee they paid for this service.

Bob, thank you so much for writing me. I am familiar with the redemption period, and that is different from what I am talking about.  I am not sure there is a point in taking it to a title company. In 99 cases out of 100 they will find no issues with the title. They will just say that without a quiet title action, the fact that the title is fine cannot be said officially. That said, I am relatively new to this, and if there is something I am overlooking, please tell me. I am here to learn.

I have properties—vacant lots—that I will be wanting to sell in the future that I bought at tax sales and come with quitclaim deeds. Someone told me that after a certain number of years the cloud over the title resolved itself. I am not talking about a quiet title action, but rather that after several years the change happened automatically. Maybe the person did not know what he was talking about.  I realize that, if true,  this is governed by state law rather than federal statutes, and therefore there will be fifty different answers. Can anyone tell me where I go online to research what the law is in the states that are relevant to me? 

I am aware that the option  to consult with an attorney exists. I am wondering if there are alternatives that I can explore myself without incurring that expense.

Your input will be greatly appreciated.