Key Takeaways
- Multiple professional failures can compound — agent, appraiser, title company, and inspector errors in one transaction created a $57,000 loss.
- Title insurance claims take 6-12 months but provide recovery for covered defects missed in the title search.
- Inspector limitation of liability clauses can cap recovery at the inspection fee — negotiate or reject these before engaging.
- Independent verification at each stage ($2,000 in time) would have prevented the entire $27,000 unrecovered loss.
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Test Your Knowledge
1.In the case study, what was the total financial impact of the compounded professional failures?
2.What would have been the approximate cost of independent verification that would have prevented the loss?
3.What is the typical timeline for a title insurance claim to be resolved?