|
Title Insurance Claims
A recent article in the Wall Street
Journal discussed an increase in title insurance claims as the housing market
has soured. One title industry expert suggested many of the recent
claims have involved fraud, forgery, and other factors that are more often
seen when loans are made to borrowers in financial distress.
If the article made you a little nervous about deals you have recently closed
or loans you’ve made, take heart in the following short list of potential
title defects that may be covered by a title insurance policy, subject to
some limitations:
1. Forged deeds, mortgages, satisfactions or releases,
including forged notarization or witness acknowledgements.
2. Deed not properly recorded (in the wrong county or missing key
elements).
3. Deed by a person who is insane or mentally incompetent.
4. Deed by minors (which may be disavowed).
5. Deed from a corporation or partnership, unauthorized under the
corporate bylaws or partnership agreement, or given under falsified corporate
resolution.
6. Deed from purported trustee, unauthorized under the trust agreement.
7. Claims resulting from the use of an alias or fictitious name by a
predecessor in title.
8. Deed challenged as being given under fraud, duress, or undue
influence.
9. Deed executed under a falsified or expired power of attorney.
10. Deed affecting property purported to be separate property of the
grantor, which is in fact community or jointly owned property.
11. Undisclosed divorce of grantor who conveys as sole heir of a
deceased former spouse.
12. Deed affecting property of a deceased person, without joining all
the heirs.
13. Deed following administration of the estate of a missing person, who
later reappears.
14. Conveyance by heir or survivor of a joint estate who murdered the
decedent.
15. Misinterpretation of wills, deeds or other instruments.
16. Discovery of a will of supposed intestate individual, after probate,
or discovery of a later will after probate of first will.
17. Ineffective release of prior mortgage or lien as fraudulently
obtained by a predecessor in title.
18. Deed recorded, but not properly indexed so as to be locatable in the
land records.
19. Undisclosed but recorded items such as federal or state tax liens,
environmental liens, liens for spousal or child support, prior mortgages,
options or rights of first refusal, notices of pending lawsuits, easements,
boundary, party wall or setback agreements.
20. Erroneous or inadequate legal descriptions.
This is just a short list of potential title claims that are covered by a
title insurance policy. For information about catching potential
title problems before the deal closes see our earlier Title
Tips on Fraud in Real Estate Transactions and Red
Flags of Forgery on our website at http://www.benchmarktitle.net/pages/titleTip.php.
Any questions can be directed to Benchmark Title at 618-239-3750. Please feel
free to call or email:
Serving you from three convenient locations:
|
Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
|
318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
|
|
Save the Date!
Our Glen Carbon branch has been serving you for 2 years.
Mark October 4th on your calendar and plan to join us
for drinks and hors d'oeuvres from 5:00 - 7:00pm in our Glen Carbon
office to celebrate the occassion. Please RSVP to
618-288-1695 or by email to Sara at ssowell@benchmarktitle.net, or
Bethany at bbond@benchmarktitle.net.
We hope to see you there!
Did
you say free?
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? Call 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. Call today
for a quote!
Why wait?
You can place your
next title order now by clicking here.
|
