• Title Insurance
  • Home Equity and Refinancing
  • Property Law
  • Sentence and Word Structure

What happens if title search done is wrong?

User Avatar

Wiki User

βˆ™ 2008-07-04 03:34:26

Best Answer

A title examination that is not performed by a professional with a legal background, who knows how to recognize a title defect, can result in costly corrective work when the property owner next tries to sell or mortgage the property. A title insurance company recently reported that it costs around $15,000 to cure the average title defect at this time. There are so many problems that can be missed by an unqualified "title searcher". The 24 hour turn-around companies are notorious for creating title defects.

One clue that you may be dealing with an unprofessional is the use of the terms title search and title searcher. A professional title examiner is not searching for the title they are performing a careful examination of the record title in order to determine the status.

Fortunately there are many good title examiners working in the real estate industry and they find many problems that were missed by less qualified people in past transactions. The first problem that occurs when some serious defect was missed in the past is that whatever you are transacting comes to a screeching halt. Whether you are selling or refinancing, the defect must be corrected before the transaction can be completed. That type of situation can give a buyer a way out of the contract. Also, most buyers can't wait for the problem to be solved and you lose the sale.

I can tell you what happens in most cases in my area. First the title problem is reported to the seller's attorney who tries to remedy the situation at the seller's cost. For a serious problem, the issue is kicked up to the title insurance company. Then the company farms the problem out to a law firm to resolve problem or cure the title defect. First they will gather up all the bad reports on the problem and then will have a comprehensive title examination performed (too bad that wasn't done in the first place) that costs more than it would have if done at the beginning. Then the law firm studies the title problem as reported by the examiner and takes time trying to determine the best way to resolve it. Remember now, no one is in a big rush. Lawyers are slow about this process. It may take weeks or months or years.

If you had no title insurance coverage, this cost is on you. If you used a low cost title company or an out-of-state, 24 hour turn-around company when you purchased your property they will not be there for you. You need to hire a lawyer to solve the problem before you can sell the property.

It is so much better at the beginning of your real estate transaction to ask "how good" instead of "how fast and cheap" when the title examination is ordered. It is a common problem that people hate to spend money protecting their biggest investment. They save about $50 to $150 by having a cheap, fast title search done. In addition, when pinching pennies they often don't get an owner's policy to protect them from that cheap title work.

2008-07-04 03:34:26
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: What happens if title search done is wrong?
Write your answer...

Related Questions

Is a title search done after a will?

A title search may also be required to fulfill the terms of a will in distributing property

How do you do a title search in the District of Columbia?

A title search for a deed to a house can be done at a title abstract office in the District of Columbia. There is a charge for this service. A title search for a vehicle can be done at any Department of Motor Vehicles office in the District of Columbia. If a new title is asked for there is also a charge for this service.

How do i find out who own a home?

Pay to have a "title search" done in the Land Registry Office of your county.

How do you get a title search done?

All of the title insurance underwriter as well as many many title agencies have websites that can direct you to a local agency in your state/county/community. Simply keyword into your web browser: title insurance search, title insurance, or title insurance companies. Many title insurance underwriters and agencies will pop up. A title search or Report on Title is a search and compilation of filed public records. A title insurance POLICY insures against acts & deeds of previous owners up until the time you take title/deed to the property.

What is the wording in the body of a deed when no title search was a title search wasn't done and title insurance not issued?

The wording in the deed is no different just because the buyer did not want to pay for a title search and title insurance. The responsibility is with the buyer to know what he/she is getting when he buys the property. You can sue after the fact, but good luck if you don't take responsibility to have the property checked out.

A metaphor in To Kill a Mockingbird?

Basically the title. Tom Robinson is a mockingbird; he's innocent and has done nothing wrong.

Can you buy title insurance?

Title insurance is a specialized type of insurance that is not generally sold by insurance agents. It is usually provided by an attorney and underwritten by a title insurance company who specializes in this type of insurance. The title insurance company relies on statements and work done by the attorney when he does the title search and he has some liability for his work. You can't just decide that you want a title insurance policy anytime. It is usually done when you purchase a piece of property. I suppose that if you wanted to pay for a new title search you may be able to buy a policy at a time other than at closing.

What is a web title?

I believe you are referring to the TITLE of your website as it relates to Search Engine Optimization. The Title is a part of Meta Data which is the Title of your website. With most platforms today, you can have a Title for each page of your website. The search engine's will "crawl" your site and if you have it set for: index, robots follow the SE will see the Title set for the website and then follow the Index which links to your other pages and then read these titles. This is also done with navigation.

How can one search for a book by title on Amazon?

In order to search for a book on Amazon, one should go to the Amazon website. At the top of the home page there is a search box and next to that is a box that says 'All' denoting a search done on all departments. One should select this box and click on 'Books.' Then, type in the book title into the search field and click 'Go.'

Do you have to get a title search done to refinance?

That depends on the lender. Some require a full title examination and othrs require only a present owner rundown. Some lenders do not examine the title at all but rely on the credit report.

What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?

what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage

What is the purpose of a title search?

To determine the owner of the property, the liens on the property and the judgments against the owners that may attach to the property. It is done to assure the buyer and/or the lender that the title is clear and marketable.

If a buyer does not have a title search done for a real estate purchase could he be in breech of contract?

He would be in breach only if he agreed in writing (in the contract) to pay for a title examination as a condition of the sale or transaction.

What has Alexandra Burke done wrong?

She hasn't done anything wrong.

What is the duration of She Done Him Wrong?

The duration of She Done Him Wrong is 1.1 hours.

Whether the sentence what you have done is wrong. is correct or what have you done is wrong. is correct.?

The correct version is"What you have done is wrong". In this form, "What" stands for "The thing that". The alternative "What have you done"... is a question.

Where can I read Comfort or Solutions?

having done a search for the title "Comfort or Solutions," there appears to be no publication with that name. Further information would be necessary to provide an answer.

How do you sell a camper if I don't have a title?

Without the title you can't prove ownership. You can go to the department of Motor Vehicles and ask for a replacement title if it was registered in your name. If you never had a title for it you can have a title search done and contact the last know owner and request they sign over ownership. In many states it is illegal to sell something like this without a title.

What was the Production Budget for She Done Him Wrong?

The Production Budget for She Done Him Wrong was $200,000.

I am the co-owner on a title where the first owner is deceased if I do not have a death certificate is there a way to transfer the title?

If it ain't stolen just sign the guys name and be done with it. Nobody really cares except lawyers who would charge you thousands for a title search.

What happens if vital signs are done incorrectly?

They could put the patient in danger, in that you may miss something that is wrong or think something is wrong when it really is not. So if you feel that you have done them incorrectly it is best to redo them or get someone who is more experienced to help you.

Longest song title to reach number one?

Hey, won't you play another somebody done somebody wrong song. BJ THomas

How does the beneficiary sign the title of car left to her from estate?

This varies from state to state and if done wrong could expose you to legal action. Check with the DMV

After you've already done a good title search can a title company hold your money for 6 months after closing?

A title company may hold back a portion of the proceeds to pay for a repair of a physical problem with the property or a title problem. They must have given you the reason for the hold back at the time of the closing. "Doing a good title search" doesn't prevent a hold back. The title search may have disclosed a reason for a holdback. Call the title company asap and ask for an update. If it goes on for an unreasonable amount of time or they don't respond to your calls then file a complaint with your attorney general or if the title company is operated by lawyers then file a complaint with the state bar overseers.

What happens when a male dog licks a human females virgina?

This is wrong. And if it ever happens the person should go get some serious counseling done on them. Dogs are not a pleasure toy.