Thursday, August 28, 2008

Keepin' it REAL Estate Title Issues / closing becomes a challenge

Keepin' it REAL Estate Title Issues - closing becomes a challenge

I know I’ve written on this topic a couple of times, but lately everything seems to have a title issue. I cannot stress enough the importance of getting an owners title policy when you close. I’ve seen way too many bad title issues. My most recent adventure is in the form of mistakes on an original deed, which reeks havoc on an up coming closing.

Here is a short synopsis:
2 plots of land divided and deeded out to one owner. Owner goes to sell these two parcels. One parcel sells and the title company notices that the addresses are flip flopped on the deed (wrong address for each parcel). We get it fixed, no problems and we close. Next parcel sells and tries to close. New title company notices that the first parcel to sell actually got recorded as the 2nd property! Yikes. Upon further investigation, it doesn’t look so simple. Looks like the new deed to get recorded is correct (description, etc). Just so happens that an engineer who verified the deed was going off the old original deed and not on the most recent corrected changes!

Phone calls have been made and issue will hopefully get resolved. Mean while I’ve got a buyer who’s rate expires and has a moving truck and no home to call his own….

You can bet I’ve done all but forced him to purchase an owners policy. Its still not corrected, but it should be. We shall see.

Imagine if these things never were noticed. When ever these new owners of these houses would go to sell, the problem could be uncovered and then they’d be paying lawyers expenses to try and rectify it for themselves. Lots of billed hours at high prices. Don’t you wish you had an owners policy?

Larry Shideler
Customer Loyalty Manager
513-405-4773 Cell
Inspection Plus, LTD.
5381 Autumnwood Drive
Cincinnati, Ohio 45242
513-793-3552 Office Phone

No comments: