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Old 07-14-2017, 09:31 PM
 
Location: Virginia
10,045 posts, read 6,323,482 times
Reputation: 27508

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Quote:
Originally Posted by Zippyman View Post
Title insurance is a requirement of lenders for the benefit of the lender. When the rubber meets the road, title companies do their best to wiggle out of the claims payment side anyway. Not buying title insurance doesn't affect anything in the transaction. An unrecorded deed isn't necessarily a big deal either, just record it, done.

Neither issue rises to the level of a "clouded" title.

If the title company doesn't want to issue a policy, there's a fix for that, usually a "quiet title" action. The title company is the place to start for what they want, not working yourself into a froth or hiring attorneys.
Not my house, so I'm certainly not "working (myself) into a froth". Just getting ideas for my friends/neighbors.
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Old 07-14-2017, 10:39 PM
 
Location: Tennessee at last!
1,884 posts, read 3,012,231 times
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House I recently bought had a similar issue. The owner I bought the house from found the previous owner who signed a new deed. Had his daughter also sign the new deed since she had POA for him and he was quite elderly.

The deed stated that the previous sale was on the dates of the original sale.

Then this had to be approved in Nashville as it was too old of dates for the County to accept. Took about a month....
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Old 07-14-2017, 11:04 PM
 
Location: Raleigh
13,636 posts, read 12,269,500 times
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Would a quit claim from both the sellers and previous owners work? I.E., the last people the deed was recorded with?
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Old 07-15-2017, 12:00 AM
 
8,540 posts, read 12,279,061 times
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Quote:
Originally Posted by JONOV View Post
Would a quit claim from both the sellers and previous owners work? I.E., the last people the deed was recorded with?
The key is to get a deed from the previous owners. A Quit Claim Deed would work (in terms of showing an official transfer of the property), but it would be better if they'd sign a Warranty Deed.

The Seller would then be able to sign a deed to the purchaser, having established a clear chain of title.
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Old 07-15-2017, 02:06 AM
 
Location: Rural Michigan
6,343 posts, read 14,602,671 times
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Quote:
Originally Posted by Bungalove View Post
Not my house, so I'm certainly not "working (myself) into a froth". Just getting ideas for my friends/neighbors.
Absolutely the statements you posted, i.e, "will the title be clouded forever", "will we have to disclose it" are along the lines of someone who is working themselves into a froth. Many times the people at the title insurance places who actually speak to customers don't have a clue, and they can send people into a tizzy over easily correctable issues. You don't have 3rd parties claiming ownership or inheritance/sibling issues, you've got a minor error that might be fixable for like $10. If a deed was produced, and just not recorded, walking it down to the clerk at the courthouse for recording will cost you $7.50 for the first page & will fix everything in my area.

Again, title insurance is a very one-sided racket with odds much tighter than any slot machine ever made - the contracts are worded such that the odds of a payout are less than getting hit by a meteor while walking your pet giraffe. It's also fairly common for them to be beyond overly cautious, because they are in the business of collecting checks, not writing them. Going down to the title office and asking to speak to a "grown up" will fix many issues that just send their average clerk into a spin.
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Old 07-15-2017, 08:33 AM
 
Location: Virginia
10,045 posts, read 6,323,482 times
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Quote:
Originally Posted by Zippyman View Post
Absolutely the statements you posted, i.e, "will the title be clouded forever", "will we have to disclose it" are along the lines of someone who is working themselves into a froth. Many times the people at the title insurance places who actually speak to customers don't have a clue, and they can send people into a tizzy over easily correctable issues. You don't have 3rd parties claiming ownership or inheritance/sibling issues, you've got a minor error that might be fixable for like $10. If a deed was produced, and just not recorded, walking it down to the clerk at the courthouse for recording will cost you $7.50 for the first page & will fix everything in my area.

Again, title insurance is a very one-sided racket with odds much tighter than any slot machine ever made - the contracts are worded such that the odds of a payout are less than getting hit by a meteor while walking your pet giraffe. It's also fairly common for them to be beyond overly cautious, because they are in the business of collecting checks, not writing them. Going down to the title office and asking to speak to a "grown up" will fix many issues that just send their average clerk into a spin.
Those are fears the BUYERS have, not ME. Geesh, reading comprehension is your friend. However, thanks for the information; I will pass it along as it may be helpful to them and save them bucks for consulting an attorney.
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Old 07-15-2017, 08:39 AM
 
8,540 posts, read 12,279,061 times
Reputation: 16432
Quote:
Originally Posted by Zippyman View Post
Absolutely the statements you posted, i.e, "will the title be clouded forever", "will we have to disclose it" are along the lines of someone who is working themselves into a froth. Many times the people at the title insurance places who actually speak to customers don't have a clue, and they can send people into a tizzy over easily correctable issues. You don't have 3rd parties claiming ownership or inheritance/sibling issues, you've got a minor error that might be fixable for like $10. If a deed was produced, and just not recorded, walking it down to the clerk at the courthouse for recording will cost you $7.50 for the first page & will fix everything in my area.

Again, title insurance is a very one-sided racket with odds much tighter than any slot machine ever made - the contracts are worded such that the odds of a payout are less than getting hit by a meteor while walking your pet giraffe. It's also fairly common for them to be beyond overly cautious, because they are in the business of collecting checks, not writing them. Going down to the title office and asking to speak to a "grown up" will fix many issues that just send their average clerk into a spin.
Again, if they had the deed from their purchase 13 years ago they would probably have recorded it already. Their challenge, apparently, is to find the previous owners so that a new deed can be issued. Otherwise, they'll likely need to file a quiet title action...for which they'll need a lawyer.
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