What personal property? Do you believe that commercial property is real property and a house is personal property? Oh my.
- Title company didn’t mess up. My point was how do you deal with items on a title report? The title company doesn’t deal with them. But someone has to do it. What do you do when your buyer asks you about a prescriptive easement? How about a recorded lease option that still shows of record?
- Lending institutions deal with financial disclosures, not property disclosures.
I’m talking strictly a home. I worked in home mortgage lending for 18 years and we never had any of the issues you discussed come up. There were a few occasions where there were liens placed from parties that were not paid, but those were usually the sellers issue anyway, so they had to be paid prior to getting a clear title. If there is a recorded lease option that still shows, then yes, the seller would have to follow up on that, but you would assume, of course crap happens, that when the seller purchased the property, that they received a clear title. Nothing is perfect, but I don’t see the need to pay a realtor 6% to do work I can do myself.