No, ten years is long enough...

Quote
Andrew
Hi Ward

Yes, the intent of the quitclaim deed was to have the Smiths transfer their interest in the property over to the Doles. And the transfer was done among the owners without the benefit of insurance.

The Quit Claim deed was actually recorded more than 10 years ago. At that time, the owners weren't aware of doing the Affidavit of Uninsured Deed until it was brought up by an investor. Is it still necessary to do the affidavit since the deed was recorded so long ago ? I'm not even sure if all the owners can be located right now.

I will be contacting title companies in regard to this. Thanks for your advice. Andrew

No, after the passage of time, and 10 years is long enough, title companies won’t be that concerned with the gap in title insurance, That’s because 10 years is more than enough time for any aggrieved party to have stepped forward and complained about the transfer to the Doles by now.

However, though they might waive the need for the affidavit now, they will probably want a Statement of Information from the Smiths and the Doles to more capably run them through their internal General Index to check for any “negative liens” such an abstract of judgment, IRS liens, divorce decrees, bankruptcies, etc.

But again, with the passage of time even those negative items go poof after 10 years.

--------------------------Ward

==============================