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More Common Title Problems More
Common Title Problems An
owners title policy protects you as well as your heirs from financial loss
caused by title issues. The title insurer, without expense to you, will
defend you against a claim made against the title to your property. The one
time premium is small, the protection is great. Below is the second set in a
series of common title problems that could easily arise and create a problem
with your title. Undisclosed
or missing heirs can appear at any time subsequent to the closing of the
transaction. This creates a potential serious problem as this heir may well
have a claim to at least a portion of ownership in the property. At Benchmark
Title we do a comprehensive search of all of the public records in an effort
to, with as much certainty as possible, minimize the potential of this issue
arising. Surviving
children omitted from a will may still have some rights and an interest in
the property. In cases where we find a death in the chain of title we will
need to do be certain that all of the heirs and surviving children have had
appropriate notification of the disposal of the property from the estate. There
can be claims by creditors against property sold by heirs or devisees that
may have been created prior to the death of the owner. Once again, a case
where the title company needs to be aware of the existence of any outstanding
debts against the estate. A common issue may be the funeral expenses,
remodeling projects wherein outside contractor may have been used. These
folks in the construction arena will have lien rights. Falsification
of records is not an uncommon issue in cases where someone in a prior
ownership role may have adjusted the records to indicate some form of
interest in the property that was not correct could cause a claim to be
filed. If the owner is aware of these issues and does not disclose them to
the title company, then you need to be aware of the “Constructive Notice”
theory. In that situation the coverage under the policy may have been placed
in jeopardy. If
all of the above issues sound like some individuals may consider trying to
hide information from the parties, that is a good catch on your part.
However, as for our part, we watch for little bits of information that may
raise a “red flag” and peak our curiosity to dig a bit deeper. We endeavor
to be sure and get it right every time, but if we are wrong, the small cost
of title insurance has created a true benefit to you. Any questions can be directed to
Benchmark Title at 618-239-3750. Please feel free to call or
email:Â Â
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Dates to Remember Be the first in your
office to try out SureClose.com,
Benchmark Title's new FREE online transaction management system. Why waste
time making status phone calls or standing by the fax waiting for your title
commitment when you can get what you need instantly from your own computer.
Visit SureClose.com for more
information or call April
Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so you
can start saving yourself time and money today. We'll even give you and your
clients a free CD at closing containing copies of their closing documents. Give me my policy! Did you know that
lenders and home buyers now receive their title policies at the closing
table? Contact Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program. Ready to refi? Lenders and
homeowners will want to hear about our fantastically low new refinance rates.
Contact us today for a quote! Why wait? You can place your
next title order now by clicking here. |
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