Posted on 07/30/2023 7:41:59 AM PDT by DUMBGRUNT
My experience with title policies is that they are not worth the paper they are printed on. But at least the title company makes a pile of money off of it.
The state AG should order a full forensic audit of every real estate transaction associated with the Monelli folks.
If they did the title fraud once they probably did it hundreds of times.
In my old job (discussed upthread) we forced title insurance companies (national firms) to pay on title claims—but we had very good lawyers who read and understood all the fine print on the title insurance policies.
The details matter in these cases.
This is like the Amazon rain forest—if you don’t have the right gear it is very dangerous territory.
No, no - don't apologize - that's SOP here on FR:
1) Read headline.
2) Post comment.
We all do it - it's sort of like aversion therapy for OCD folk (like me).
That would be Milli Vanilli and they did get busted in the early 1990’s.
Thank you for your post. The eight points you raise are all excellent. When I sold the cottage a couple of years ago, there were title issues going back 50 to 60 years. I incurred about $9000 in attorney fees to clear everything up.
Fortunately, between federal and state (Maine and Minnesota) I was able to write off those costs and reduced my taxes by about $3000.
Like you I was not taking any chance when someone else paid the taxes.
About squatters rights-in some states it is ten years. Checking up on any property once and while is not a bad idea.
5. They call Fairfield county the Gold Coast - nearly everyone is a multi-millionaire. Fairfield isn’t even the richest town.
Oklahoma and Iowa are the only two states remaining that rely on the full title tree in the form of a full abstract for title search and opinion.
All others tend to go back three transactions assuming if there have been no problems or contest to possession in that time the title must be ok.
In the two title tree states the system is dependent on the title company records since so many records were lost in flood or fire of court houses even in a young state like Oklahoma. It is all a very odd system. I have all of my own abstracts and it is a fairly large stack of them. My Texas abstracts also go back a long way. The integrity of title depends on the rigor of the opinion attorney and I have found some errors in their work that were not all that hard to see. For example I found easement restrictions not applying to a severed portion of a property owing to different legal description and have had these implied obligations removed. The things that scare me are unreleased mortgages and uncured or hidden liens. These make the seller’s affidavit very important that it is encompassing. At least it might be a start for protection.😕😕 I think there probably is no perfect title tree just like there is no perfectly built house.
I’d never make it there!
Agreed but he had been paying taxes on the land and all of this happened in less than a year. There’s no way the statutory period had run or even come close to running. So the land is still his. The builders have to get that house off his land and pay him for any damages done to the land. It will then be up to them to go after the fraudsters.
“Sigh. Please read the 5th and 14th Amendments.”
You can’t own property if you have to pay property tax on it.
You also don’t have a right to own property thanks to the Kelo v. City of New London decision by the Supreme Court.
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