5 Home-Buying Nightmares Your Title Insurance Could Prevent
Imagine that you have found your dream home. Your offer is
accepted, you close the deal, you move in. Then, just as you've started to make
the house your own, the mail carrier delivers news that turns your world upside
down: There was a lien against a previous owner, and now it's been passed on to
you.
That’s exactly what happened to Lori Moore and her husband.
“We had barely gotten everything settled in the house when
two weeks later we received a letter from an attorney about a pre-existing lien
on the house against the prior owner that now carried over to us as the new
owners,” says the Louisville, KY, resident. The lien had been missed during the
title search process because, Moore says, the county clerk had filed it in a
way that made it hard to find.
At first, Moore says, they weren't too concerned.
“We remembered paying for title insurance, but our Realtor®
explained that policy only covered the lending institution for any title
problems, not us as the homeowners.”
The Moores were left holding the bag for $2,000 to pay off
the lien and attorney costs.
Read the full story at https://www.realtor.com/advice/buy/5-home-buying-nightmares-title-insurance-prevent/
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.
For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow AT vested.com
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