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What happens if title search done is wrong?

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βˆ™ 2008-07-04 03:34:26

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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
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