Posted by Rich-CA on May 03, 2008 at 11:08:50:
Its based on a title report but covers the title with an insurance policy in case anything like what you describe comes up. If you had a Title policy in place, and a court took title away from you, the Title Insurance would pay you back for the loss.
Estate situation need help - Posted by danny cornett
Posted by danny cornett on May 02, 2008 at 08:43:40:
If a property thats already been distributed to the heirs gets sold to a buyer and it is discovered later that a mistake was made by the executor in transferring the property(wrong property), does that mean that I have legal title and can dispose of the property as I see fit? I did have a title search done before buying also.I also already have a recorded deed to this property too.
Re: Estate situation need help - Posted by Maarik
Posted by Maarik on May 05, 2008 at 21:20:24:
Danny-
What does the Executor say about all this? - He is most likely liable for any losses incurred by the heirs.
Correction Deed and Title - Posted by John Merchant
Posted by John Merchant on May 02, 2008 at 12:45:11:
I’d take the T policy back to the T Co that prepared it for you, have them doublecheck what you now have in the way of Title and get the T Officer’s help on correcting your T.
It may well be that a Correction Deed is now needed to straighten out the mistake and this is just a small job for a lawyer or the T co. to do for you.
Re: Correction Deed and Title - Posted by erica mendoza
Posted by erica mendoza on August 27, 2008 at 09:38:52:
they never payed my notr
Re: Correction Deed and Title - Posted by danny cornett
Posted by danny cornett on May 02, 2008 at 13:10:42:
Thanks John,The only problem there is that I never used a title company,I used an attorney to do the title work.Maybe I should have clarified this in my original post , but ,the houses in question actually sit on the acreage I bought(4.9 acres),therefore,the houses are part of the property and it is my belief that no corrective deed is neccessary.Let me know what you think of this please , thanks again.
Buyer’s gonna want T policy - Posted by John Merchant
Posted by John Merchant on May 02, 2008 at 13:15:41:
Danny, if I were buying, I’d not even consider it unless I were being furnished T policy showing you owned it and I was getting good T.
So it’s really irrelevant what YOU got when you bought as the only issue now is what can you deliver to your buyer.
I therefore predict you’re not going to get a buyer without delivering him good T, as proven by a T policy so stating.
Re: Buyer’s gonna want T policy - Posted by danny cornett
Posted by danny cornett on May 02, 2008 at 13:51:17:
Okay I understand what you mean.When you say title policy im assuming you mean title report,which I have from the attorney who transferred the property to me by QC Deed.The title report states that it is the attorneys opinion that the sellers have good and marketable title to this property.
Maybe lawyer did issue T Pol - Posted by John Merchant
Posted by John Merchant on May 03, 2008 at 20:57:56:
One or two national title companies work through lawyers who are engaged in Title work, clearing title, etc…and if the lawyer is part of their network, when he approves title, he’ll actually issue a T ins. policy, in the name of and with pre-authorization of that national T co.
So the buyer will come out of closing with a T policy that’s backed by the big, national insurance co. and not just the individual lawyer.
Could be that your lawyer did that when he checked your title and you were the buyer, so I’d ask him about that and see if you did get an actual T Ins. policy.
Even if that didn’t happen, when you sell I’d just have the same lawyer do the new title exam and have him guarantee your new buyer that YOU now have good title.
When I first began law practice there were lots of areas of the country (way before computers, internet, etc.) that didn’t have regular title companies and where most title work was done by indiv. lawyers…in little towns and rural counties especially, and lots of rural lawyers made a goodly part of their incomes doing T work.
I’d guess that there are probably still rural areas where that’s the case as the major title co’s are not in every little town or small population counties, so there, the lawyer’s title opinion is all there is.