What happens if a title company fails?
If however, this is not your debt and the lien has wrongfully been placed on your property, then you should first seek to get the creditor/lender to voluntarily release the lien. If they refuse, you could then file a lawsuit to get the lien removed and possibly obtain damages for slander of title.
How long does it take to clear title issues?
The entire process of clearing a property’s title takes roughly two weeks. But this can vary drastically depending on your transaction and property type. It is best to contact your escrow or title officer and realtor to get accurate, up-to-date information on your specific property’s timeline.
What does title insurance protect against?
Title insurance is a contractual obligation that protects against losses that occur when title to a property is not free and clear of defects (e.g. liens, encumbrances and defects that were unknown when the title policy was issued). Title insurance also guarantees loan priority.
Can a house be sold without the deeds?
It’s possible to sell or remortgage a house without the deeds, but you must prove you own the property to do so. If deeds have been lost or destroyed, the first port of call is to check whether the property is registered with the Land Registry.
What happens if the deeds to a house are lost?
You may apply for first registration of land if the title deeds have been lost or destroyed. It is often more important to prove who held the deeds prior to their loss or destruction than to establish what they contained.
What happens when the title of Your House is not clear?
When title to your house is not clear, there is someone with a claim against the property. That claim can interfere with your ability to purchase title insurance, which makes the real estate less attractive to a buyer. There are remedies to clearing title.
Is there liability to a title company if a document is missed?
Therefore, there is no liability to a title company if any recorded document is missed. b. Title Policy (or Abstract of Title) – unlike a preliminary title report, a Title Policy is a contract through which the Title company insures the Policy’s beneficiary against any defects, ie: missing liens, in the actual title.
Why do you need a title insurance policy?
A title insurance policy protects the buyer’s financial investment in real estate. If after the close of escrow someone proves a prior claim on the property, the policy can pay for damages to the buyer. Before issuing a policy, there is a title search done on the property, to identify any possible claims.
Are there any issues with the title company?
In some cases, the title could be clouded. Issues involving former owners, back taxes and even fraudulent claims may arise during this process, but with title insurance and a thorough title search and examination, you can be sure you are protected.
https://www.youtube.com/watch?v=CCVMjsvenQE