What’s the deal with title insurance? Brent Saunders, the Business Development Manager for PM Title in Columbus, Ohio, breaks down the difference between standard and enhanced title insurance and why you need it. Listen in to hear the stories of when he got chased off church property and awkwardly stuck between a fighting husband and wife.
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Time Stamped Show Notes:
- 01:00 – Introducing Brent, the Business Development Manager for PM Title in Columbus, Ohio - the fastest-growing title company in Ohio since 2015
- 01:15 - They help agents and have a videography team, a social media team, a podcast, and more
- 02:10 - Agents don’t have to disclose how they leverage their vendors and resources; he’s okay with agents taking all the credit
- 04:30 – Standard vs. enhanced title insurance
- 04:48 - There are three basic formed of title insurance: lender’s policy, homeowner’s policy, and an owner’s policy
- 05:00 - You pay a premium in case there’s a problem like any other insurance product, but it also covers any problems that have already happened
- 05:50 - Lenders typically require a lender’s policy to protect their assets and investment
- 06:20 - Owner’s and homeowner’s policies protect against a claim; in the Columbus market, they require the enhanced policy
- 07:00 - The enhanced policy is 15% more expensive and appreciates with the property
- 08:00 – On getting an enhanced policy if you already have a standard one
- 08:15 - He’s not sure if you can switch; he’ll ask his attorney
- 08:50 – Brent’s CRIRE story
- 09:10 - 3 years ago, they hired their first videographer; an agent needed a video of a church that was a total wreck
- 09:45 - They couldn’t get into the property and tried the back door; the next-door people started screaming at them
- 10:30 - A guy comes out and starts screaming at them, calling them slum lords, and saying their kids keep getting hurt on the roof
- 10:50 - They let their 100 pound dog out; they decided just to do exterior shots and leave
- 12:10 - Protect yourself and your staff
- Photo/video isn’t worth your safety
- 12:30 – Another CSIRE story
- 12:35 - Dower Law: When you get married, your spouse owns an interest in your property
- 13:20 - You can’t buy or sell a property without your spouse’s signature in some states
- 13:40 - He had a client who said his wife was going to show up to sign off on something; when she shows up, they start getting into an argument
- 13:55 - She said she wasn’t going to sign, they went back and forth; she brought legal documents, too, and asked him to sign hers and she would sign his
- 15:00 - Brent didn’t ask and didn’t want to know what her documents were all about
- 15:15 - It’s awkward to be in the middle of a couple fighting
- 15:40 - Don’t get in the middle of a couple’s fight and don’t be nosey
- 16:30 - Maybe your dog could protect you when you’re out and about
- 17:00 – How to reach Brent: the PM Title website; they are connectors, happy to help, and go above and beyond
3 Key Points
1.) Leverage your resources!
2.) Protect yourself.
3.) Don’t get in the middle of a spousal fight!