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More Common Title Problems More
Common Title Problems This
issue will indicate some interesting ways that, if we at Benchmark are not
vigilant and paying attention to the “Red Flags” I have mentioned in the
past, could cause some real problems in the future regarding your purchase. Deeds
from a defunct corporation can become a problem in that if we are not in
possession of the corporate papers identifying the officer from the former
corporation who is legally authorized to convey any corporate owned property,
and we insure the title to that property accepting the signature form the
wrong corporate officer. The sale could be set aside by a court of competent
jurisdiction. The purchaser may then have a claim against the title company. When
a deed is given in the sale of property, the person giving that deed must be
of sound mind and capable of understanding what they are doing and the
consequences of their act. We need to be certain that when we are closing the
transaction and suspect that there may be an issue in this regard,
appropriate questions be asked in order to be sure of the competency of the
individual. This also is a situation where the sale could be voided. Although
minors can own property in their name, they may not sell that property while
a minor. A guardian or parent must be fully involved in the transaction for
there to be a valid transfer of property. Once again the transaction, if by a
minor, could be declared null and void. If
a deed by a supposedly single person is given and it is later discovered that
that person was, in fact, married, that discovery can create a serious
problem. Illinois is a state in which a spouse acquires a homestead right in
and to the premises if the married couple lived together in the marital
property. All
of the above can be problems affecting title, but in most cases we have
documents signed at the closing that protect both the purchaser and the title
company. Although mistakes do occur, we at Benchmark Title pride ourselves in
our ability to spot some of these issues, understand the consequences, and
provide the proverbial “Ounce of Prevention” in order to protect the
purchaser and the lender. That is why title insurance is such an important
part of any real estate transaction. Any questions can be directed to
Benchmark Title at 618-239-3750. Please feel free to call or
email:
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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. Customer Feedback
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