Cost to Transfer Title

[desoleta]

What would be a reasonable cost to transfer title from one person to me for an undeveloped 1/2 acre lot in Royal Hawaiian? This will include a Title Status Report, attorney document drafting fees, notary fees, recording fees, and mailing/handling fees. A place in Kona wants $500 for this "limited escrow service." Any recommendations and/or references would be appreciated.

[lquade]

desoleta: i paid 270 to do this through an attorney without an title insurance policy which is sounds like you are doing. a title search only covers things that are recorded which you can check yourself. an attorney draws it up anyway so why pay a title company when you can go to an attorney yourself. if you have any doubts on the clear title issue you should be getting that policy anyway, if not just use the attorney.

[desoleta]

Mahalo, lquade. Yes, it is without the title insurance policy. Can you name a reputable attorney? He lives on the other side by Captain Cook, but visits his mom in Volcano occasionally.

[Dennis]

Acquiring real estate withouta title insurance policy is very risky. A title company may be able to do the same thing you speaking of at a lower cost than an attorney. Shop the service around, but I recommend always getting a title insurance policy.

[desoleta]

Mahalo, Dennis, OK, can you name some reputable title companies that I can compare rates with? The gal mentioned something like $300 for a title insurance policy. Yikes. We're talking undeveloped land here.

[Dennis]

We utilized Old Republic Title in Hilo when we purchased our land. Our contact person was Michelle Pokipala, 808-961-5900. She was very thorough & friendly. Title Insurance is controlled by the state and the price is going to be the same wherever you go. To get an accurate quote, you can give them a call and tell them what your purchase price is. Then they can give you a price quote.

[Dennis]

Desoleta, I forgot to mention that Title Insurance covers things that may not be recorded that could affect your purchase even if it is raw land. For example, easements, encroachments, forgeries, missing heirs etc. etc. Just a quick story, Abraham Lincoln lost property because he could not prove clear ownership. Too bad he did not have title insurance![] Best of luck on your purchase. I am sure everything will go smoothly for you!

[John S. Rabi]

A Warranty Deed is $150 from an attorney, recordation fee is $30, Title Insurance for a lot below $45,000 is $250, plus mailing, notary, etc., so that escrow company was actually giving you a good deal with the $500 quote, with almost no escrow fees. (Usual escrow fees are $350 for a lot below $65,000.) I wouldn't buy ANY real property without title insurance.
If the seller is in Captain Cook, he might want to consider using First Hawaii Title Corporation in Kona. They are giving 30% off of all fees until the end of February. They are located across from McDonald's. Phone: 329.8227.

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[lquade]

hi again, i have used ray hasegawa in hilo for a long time and also peter cant remember his last name darn! dennis are you sure about title insurance covering things not recorded?? that is the reason they charge for a title search, searching public records... i sure wouldnt use first american in hilo have heard bad reports... i have transfered properties without title insurance but always with a lawyer. it depends on you, how well you know your seller, how adept you are in checking things out. but of course never buy anything with a clouded title, even something in a estate/probate can be a big mess sometimes..

[oink]

As John said, never buy property without title insurance, unless you can affort the loss. Don't look for the cheapest title company. It can be a real mess if a half ass company is used that then goes under due to reduced revenue in these tough times. I'm familiar with a current contract where the current title company found a serious error and won't issue a policy. Unfortunately, the company from the previous sale (about 5 years ago) went bankrupt and their records can't even be accessed. There doesn't appear to be anyone to cover the error. No Sale, and someones rear is now puckering.

Pua`a
S. FL
Big Islander to be.