Posted by Natalie-VA on July 29, 2009 at 14:33:54:
I know nothing about the law or customs regarding moble homes.
–Natalie
Title Insurance Indemnity - Posted by Greg
Posted by Greg on July 24, 2009 at 21:12:11:
Here goes… I have been negotiating on a Bank owned foreclosed home. After months of negotiating, we finally agreed on a price. When I had a the title searched, my title company found an lien on the property from 7 years ago. As you can imagine, they are not willing to insure the title until the seller satisfies that lien. The sellers title company will, and they are willing to give me a transferable “Letter of Indemnity”. I am not sure where to go from here. I need some advise please.
Ughhhh…split topic threads… - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on July 30, 2009 at 17:57:42:
Would be best if the original post topic were addressed and a separate post made by Gail re: her mobile home issue.
That cranky point being made, I only rarely have to get involved with indemnification letters between title companies, despite the fact that I deal with lots of weird title issues (we actually seek them!).
In CA, most of the title companies have standing reciprocity agreements that avoids the most common type of title issues. By using as a “starter” point where a prior title company has insured the last transaction, its a fairly straightforward matter for each successive title company to insure only the subsequent time period since the last insured transfer.
Of course, if a title company bellies up, then they have to go back to the last insured transfer prior to that (yes, I had this happen; even in the middle of a deal!).
I occassionally have a situation where there’s some dangling title issue for which there’s no quick/easy/cheap solution, and I’ll sign a separate indemnification agreement once I’ve determined that the chance of the problem arising or being challenged by a third party later is insignificant, I’ll accept the risk being put onto me.
Like the song says, “Take the load off Mandy…and put the load back on me.”
Being a lazy investor, I do check out what the load that is proposed to be put on me, as I’m really not seriously gonna haul Mandy’s baggage very far.
I’ve heard she’s a bad tipper, too.
Re: Title Insurance Indemnity - Posted by Natalie-VA
Posted by Natalie-VA on July 27, 2009 at 08:52:44:
Hi Greg,
I’m not a lawyer. I’ve run into this before. Your title company should be giving you some direction. In the situations I’ve had, the old title company gives the new title company this letter of indemnity saying that they will cover the defect if a claim arises. Then, my title company will insure the deal.
So, what does your title company say?
–Natalie
Re: Title Insurance Indemnity - Posted by Gail
Posted by Gail on July 29, 2009 at 12:28:47:
Question: We purchased a home, and after loan and all papers signed and approved, we found that the Esgrow Company had failed to find there were outstanding taxes due. Our case involves a Mobile Home on a foundation. There was no title obtained, yet the county required us to pay 15K plus in unpaid taxes owed by previous owner. Should this void all contracts and we be returned our moneies.
Re: Title Insurance Indemnity - Posted by steele in minnesota
Posted by steele in minnesota on July 29, 2009 at 20:35:34:
Not an attorney but in my state a mobile home on a foundation is considered real estate if you buy the land with it. Is that the case here?