Posted on 07/24/2021 4:44:29 AM PDT by sodpoodle
They could do a pocket deed amnesty before the new system took effect, what fun that would be ;)
The rightful owner remains the rightful owner. But the rightful owner may need to go to court to get a ruling he is the rightful owner. That can cost $15-25,000 dollars. Or so I’ve read. No first hand knowledge.
Title insurance only covers errors in your title that the title company issued. someone else’s crime of a different and bogus title is not covered.
Just because something is called ‘title insurance’ doesn’t insure against all claims and origins
How about a place inimum 7 business day waiting period to record any real property change in ownership documentation at the County Auditor’s office. Part of the recording fee would cover the cost to make in-person contact with the current deed owner.
Not necessarily. For a lender, the closing date is often deemed to be the date the loan is funded, which cannot occur until the deed and the deed of trust are recorded.
I appreciate your thoughtful responses, but I'm going to move on from this discussion.
Bkmk
That is it. If taxes go delinquent somebody can pay like 3 years worth and own the property.
Yes, buy the property for back taxes and then sell it at the fair market value which can be many times more than the back taxes.
“Restoring the home to the original owner then just changed the victim from the original owner to the innocent buyer who bought the house.”
Which is how it should be. No one should be allowed to buy and keep stolen property. It’s the buyer’s responsibility to make sure they aren’t being scammed, not the innocent and unknowing owner.
Full title insurance from a major carrier. Also any attorney participating is legally at financial risk as well as disbarment. As always these scum prey on the weak, the old, and the uninformed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.