I received a phone call today from a man who called us back in 2011 to do a current owner search for him, which showed no judgments. He ended up purchasing the property WITHOUT title insurance. Because he paid cash for the property, there was no lender requiring him to obtain title insurance so it was simply a call he made. He did not go through us to purchase it but went through his attorney to close.
Fast forward to 2018, he is now selling the property and the buyer’s title company is stating there are judgments from previous owners (one being an $8,000 probation judgment). The judgments were not on our search because we were only asked to do a current owner mortgage and judgment search. Had this guy purchased title insurance, he would have gotten a full 40-60 year search, paid around $550.00 for the policy and now would not be scrambling to try to figure out why he didn’t get title insurance. Moral of the story is always cover yourself with title insurance because you never know what could happen. |
AuthorNicole Malcolm Archives
January 2018
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