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LSDefine

Simple English definitions for legal terms

title insurance

Read a random definition: privy purse

A quick definition of title insurance:

Title insurance is a type of insurance that protects people who buy real estate from problems with the ownership of the property. When someone buys a property, a company checks to make sure that the person selling it really owns it and that there are no problems with the ownership. If there are no problems, the company provides insurance to cover any problems that they might have missed. The buyer usually pays for this insurance when they buy the property. If the buyer is getting a loan to buy the property, the lender might require the buyer to get title insurance. Sometimes, people have problems with their title insurance and need to go to court to figure out what is covered. It is important to make sure that the company checking the ownership of the property is trustworthy and that the insurance covers the value of the property.

A more thorough explanation:

Title insurance is a type of insurance that protects homebuyers from any issues with the title of the property they are purchasing. When someone buys a property, they want to make sure that the title is clear and free of any liens or claims that could affect their ownership. A title search is conducted to ensure that there are no issues with the title, and if there are, title insurance can provide coverage for any missed issues.

For example, let's say that John is buying a house from Jane. Before the sale is finalized, a title search is conducted and it is discovered that there is a lien on the property from a previous owner. John purchases title insurance, and if the lien was missed during the title search, the insurance will cover the cost of resolving the issue.

It's important to note that title insurance is typically paid for by the buyer as part of the closing costs. If the buyer is using a loan to purchase the property, the lender may require the buyer to purchase title insurance in the lender's name.

Overall, title insurance provides peace of mind for homebuyers and protects them from any unexpected issues with the title of their property.

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KnowledgeableRitzyWasp
13:30
good for big law and good for PI because no one does PI at cornell
TurboSplitter
13:30
@BruceSutter: NC, VA/DC, or Cali most likely. Also have ties to Chicago and Cinci
BruceSutter
13:30
I've also seen a few UGA grads go to Charlotte
KnowledgeableRitzyWasp
13:30
plus we can drink milk tea together
BruceSutter
13:31
I'd add Northwestern and Gulc for sure although you might only get half at most at T14s if you get in. worth a shot though
TurboSplitter
13:32
that's the thing, I'd love to go to Gtown but I could never afford it in a million years lol. I still have to sort some shit out with the VA to determine if I have GI Bill eligibility, in which case fuck it we ball. But money is a big factor otherwise since I have 0 interest in BL
KnowledgeableRitzyWasp
13:34
@TurboSplitter: look into schools LRAPs, a lot of schools will pay your loan payments if you do PI.
BulbasaurNoLikeCardio
13:37
@TurboSplitter: I had to petition with the VA to get my GI Bill back but it worked. Takes like 30-90 days and free college is worth it
BulbasaurNoLikeCardio
13:39
I didn't lose it for bad reasons, predatory undergrad that over charged and drained nearly all of it for 6 classes
GodsPlanUltimately
13:39
:o That's so horrible
BulbasaurNoLikeCardio
13:40
A lot of schools will target and prey on active duty and veterans to steal as much of the GI bill as they can. It is ridiculous because the Army promoted and told me to attend the school
babycat
13:40
waspy come to nyc and we will drink milk tea
GodsPlanUltimately
13:41
That's absolutely disgusting that universities do that. Also milk tea is delicious ＼(≧▽≦)／
TurboSplitter
13:42
@BulbasaurNoLikeCardio: I'm in a weird gray area. When my dad died we became eligible for the Fry Scholarship, which is just the GI bill but for surviving families. I used that all up for undergrad, but my dad also transferred his GI to us before he died. So the question is, can I use that even though I already used the Fry Scholarship. There is an insane amount of conflicting info on that, so until I sit down with the VA I'll never know for sure
TurboSplitter
13:42
For now I'm assuming I have jack shit and will be pleasantly surprised to learn otherwise lol. Somewhere should hopefully give me a full ride otherwise it's LRAP time
BulbasaurNoLikeCardio
13:43
OOOOOOO Okay I remember you talking about that. Did you ever reach out to the gold star family organization to get set up for it? You or your mom can log into the VA website and just apply. It is a 2-4 week turn around
TurboSplitter
13:44
Yeah I've done research on it. Talked to local VA office but they had no idea what they were talking about lol. My mom has a bunch of weird login stuff she has to sort out with her VA account so I'm kind of in limbo until that gets figured out
BruceSutter
13:44
too many web portals. Big problem that doesn't get talked about
ClassyPleasantHeron
13:44
@BruceSutter: So true.
BulbasaurNoLikeCardio
13:45
Most VA workers have no idea what they are doing which is why I suggested the Gold Star family member organization. They can be your advocate or guide at least to figure it out. Just have her use/set up a login.gov and that'll work across all VA website/apps. If you are a beneficiary you can set one up yourself as well.
WorthlessAttractiveZombie
13:47
does anyone know if Davis sends out decisions all at the same time?
HopefullyInLawSchool
13:47
Davis is making me tweak as well
WorthlessAttractiveZombie
13:47
like my portal says it updated....but I am still "evaluation in progress"
HopefullyInLawSchool
13:48
me too at 9:51?
TurboSplitter
13:48
Will probably call the education hotline after Thanksgiving. The login.gov stuff is what she needs to get sorted out, mine still needs to verify my ID. I'll talk to the Gold Star org and see if they can help
WorthlessAttractiveZombie
13:49
@HopefullyInLawSchool: yep exact same time
GodsPlanUltimately
13:50
Will it look bad if you only did 1 out of the two optional essays?
HopefullyInLawSchool
13:50
Im thinking they sent a wave then
BulbasaurNoLikeCardio
13:50
Definitely should, getting your certificate of eligibility is the easiest part. Shit gets worse once you actually try to use it so you would need to plan a good cushion of time.
BulbasaurNoLikeCardio
13:51
@GodsPlanUltimately: I did 1 optional for each school I wasn't in love with and did all optional essays on the ones I loved. I would say the more you like the school the more you should engage with them and put into the application.
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