Before
you can go to settlement you have to have a title report done which will reveal
loans on the property (including loans that were paid off but have not had a
release recorded), law suits, liens or judgments that can attach to the
property, any Rights of Way, Easements, or Covenants that can affect a
property, and who owns the property (ex. you may think you do but some heir
from 50 years ago legally owns a percentage because the title to the land was
never deeded properly).
There
can be some pretty amazing things that an abstractor can find. For instance
here are a couple from my husband, Brad Whidden, who has been an abstractor for
almost 15 years.
Brad
says, “In the 1800's in Frederick there is a deed where
they declared a farmer insane and took away his farm and deeded it to someone
else. Why? Because someone walked by his barn and saw him [doing the dirty]
with one of his pigs. They described it in detail on the deed.”
Another one Brad mentioned is, “A few years ago
this [lady] in Montgomery County got a few people on board who owned property
and tried to declare that due to the failures of George Bush and the government
these properties were no longer part of the United States but they were now
their own separate country and were therefore not subject to the US Dollar.
They actually recorded deeds saying this. Then they stopped paying the taxes
and mortgages on it. Needless to say, that did not pan out for them.”
As
you can see, there could be some crazy things jump out of the woodwork when you
have a title run on the property you or your clients plan to purchase! In the
end though, that’s why you need to have the title report run and even better
that’s why you buy title insurance! Also, choose a settlement company, such as
Lawyers Signature Settlements, that can provide you with the best service to
clear up these types of issues before you go to the settlement table.
I
would love to hear your comments on this one folks! What kind of crazy title
issues have you seen?
By Lisa Whidden
Marketing Representative
Lawyers Signature Settlements, LLC
Marketing Representative
Lawyers Signature Settlements, LLC
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