The Biggest Crock

So, I have made several complaints against corporations...and good ones.  But I think that the biggest crock is Title Insurance.

This is a dollar amount that you pay to the title company in case they didn't do their job right when researching the title (aka deed) to your property.

This is in ADDITION to the astronomical fee that they collect that is a PERCENTAGE ratio of mortgage to purchase price of the house that they collect when closing.  About this, we should be clear:

THEY DON'T DO ANY MORE WORK FOR A HOUSE COSTING 85,000 THAN FOR A HOUSE COSTING 1.2 MILLION.

They just get to collect the percentage.

(in fact...the older homes have MORE work in photocopying old deed and sales documents because they've been around longer)

Now, I do understand the difference in price between torrens deeds (the full deed of the land back as far as they can collect it) vs. abstract (just the last sale of the house).

But what I don't understand is why these companies are necessary anyway.  You CANNOT just buy the house from the owner like you can buy a used car.  It should be that easy.  Title companies don't do anything except photocopy and pull the records from the city auditor's office.

It's just a red tape loophole that is now required...and they don't even have to do a good job to be paid...because you have to pay them once for the good job and once for the errors that they make.