by Nick
19. February 2013 15:23
In a closing that seems to have been lost in translation, a buyer's property was lost in foreclosure.
A Buyer bought a property from the seller before completion of a Tax foreclosure, but did not purchase the owner's policy.
Unfortunately the tax foreclosure wasn't completely satisfied and continued through to a sale of the property. Someone bought the property and
THE BUYER LOST THE PROPERTY!!!
When the Buyer bought it, the property was not expensive, and the closing seemed simple enough.
But now, for the Buyer, the agents, the title agency, there is stress, anxiety, turmoil, and did I say stress? All things we like to avoid in our daily lives.
People ask me all the time if the title seems clear, if the people owned it a long time, and other questions trying to justify not buying an owner's policy.
All I can say is, the risk is always uncertain.
NOTE: If the buyer is spending lots of money on improvements, they probably want to buy an increased amount of coverage. In a case like this, an owner's policy would have paid back the purchase price, but not improvement expenses.
Nick
Nicholas D. Perrino
Attorney at Law
Prodigy Title Agency
8080 Beckett Center Dr. #318
West Chester, OH 45069
513 870-9070 PH
513 870-9071 FX
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