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Wednesday, April 18, 2012


posted by John at 14:26 || under Title Insurance

The purchaser of real estate needs protection against serious financial loss due to a defect in the title to the property purchased. For a single, one-time premium, which is a modest amount in relationship to the value of the property, a buyer can receive the protection of a title insurance policy - a policy that is backed by the reserves and solvency of the Company. A title insurance policy will cover both claims arising out of title problems that could have been discovered in the public records, and those so-called "non-record" defects that could not be discovered in the record, even with the most complete search.

A title insurance policy will not only protect the insured owner, but also that person's heirs for as long as they hold title to the property, and even after they sell by warranty deed. The Company will not only satisfy any valid claim made against the insured's title, but it will pay for the costs and legal expenses of defending against a title claim.

With a title insurance policy issued by Prestige Title Agency, LLC you will be protected from any of the following examples of common title problems:

  •  Forged deeds, mortgages, satisfactions or releases.
  •  Deed by person who is insane or mentally incompetent.
  •  Deed by minor (may be disavowed).
  •  Deed from corporation, unauthorized under corporate bylaws or given under falsified corporate resolution.
  •  Deed from partnership, unauthorized under partnership agreement.
  •  Deed from purported trustee, unauthorized under trust agreement.
  •  Deed to or from a "corporation” before incorporation, or after loss of corporate charter.
  •  Deed from a legal nonentity (styled, for example, as a church, charity or club).
  •  Deed by person in a foreign country, vulnerable to challenge as incompetent, unauthorized or defective under foreign laws.
  •  Claims resulting from use of "alias” or fictitious name style by a predecessor in title.
  •  Deed challenged as being given under fraud, undue influence or duress.
  •  Deed following nonjudicial foreclosure, where required procedure was not followed.
  •  Deed affecting land in judicial proceedings (bankruptcy, receivership, probate, conservatorship, dissolution of marriage), unauthorized by court.
  •  Deed following judicial proceedings, subject to appeal or further court order.
  •  Deed following judicial proceedings, where all necessary parties were not joined.
  •  Lack of jurisdiction over persons or property in judicial proceedings.
  •  Deed signed by mistake (grantor did not know what was signed).
  •  Deed executed under falsified power of attorney.
  •  Deed executed under expired power of attorney (death, disability or insanity of principal).
  •  Deed apparently valid, but actually delivered after death of grantor or grantee, or without consent of grantor.
  •  Deed affecting property purported to be separate property of grantor, which is in fact community or jointly owned property.
  •  Undisclosed divorce of one who conveys as sole heir of a deceased former spouse.
  •  Deed affecting property of deceased person, not joining all heirs.
  •  Deed following administration of estate of missing person, who later appears.
  •  Conveyance by heir or survivor of a joint estate, who murdered the decedent.
  •  Conveyances and proceedings affecting rights of service member protected by the Soldiers and Sailors Civil Relief Act.
  •  Deed from government entity, vulnerable to challenge as unauthorized or unlawful.
  •  Ineffective release of prior satisfied mortgage due to acquisition of note by bona fide purchaser (without notice of satisfaction).
  •  Ineffective release of prior satisfied mortgage due to bankruptcy of creditor prior to recording of release (avoiding powers in bankruptcy).
  •  Ineffective release of prior mortgage of lien, as fraudulently obtained by predecessor in title.
  •  Disputed release of prior mortgage or lien, as given under mistake or misunderstanding.
  •  Ineffective subordination agreement, causing junior interest to be reinstated to priority.
  •  Deed recorded, but not properly indexed so as to be locatable in the land records.
  •  Undisclosed but recorded federal or state tax lien.
  •  Undisclosed but recorded judgment or spousal/child support lien.
  •  Undisclosed but recorded prior mortgage.
  •  Undisclosed but recorded notice of pending lawsuit affecting land.
  •  Undisclosed but recorded environmental lien.
  •  Undisclosed but recorded option or right of first refusal, to purchase property.
  •  Undisclosed but recorded covenants or restrictions, with (or without) rights of reverter.
  •  Undisclosed but recorded easements (for access, utilities, drainage, airspace, views) benefitting neighboring land.
  •  Undisclosed but recorded boundary, party wall or setback agreements.
  •  Errors in tax records (mailing tax bill to wrong party resulting in tax sale, or crediting payment to wrong property).
  •  Erroneous release of tax or assessment liens, which are later reinstated to the tax rolls.
  •  Erroneous reports furnished by tax officials (not binding local government).
  •  Special assessments which become liens upon passage of a law or ordinance, but before recorded notice or commencement of improvements for which assessment is made.
  •  Adverse claim of vendor's lien.
  •  Adverse claim of equitable lien.
  •  Ambiguous covenants or restrictions in ancient documents.
  •  Misinterpretation of wills of supposed intestate individual, after probate.
  •  Discovery of later will after probate of first will.
  •  Patent defects in recorded instruments (for example, failure to attach notary acknowledgment or a legal description).
  •  Defective acknowledgment due to lack of authority of notary (acknowledgment taken before commission or after expiration of commission).
  •  Forged notarization or witness acknowledgment

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John Kidd is the Owner/Chief Manager of Prestige Title Agency and the General Partner of its parent company

ARK Property Management Services






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