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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Title insurance isn't any help after the trustee's sale. Posted by Ward-CA- on July 17, 2003 at 10:30 PM In Reply to: state of title after you purchase at auction posted by David F on July 17, 2003 at 4:15 PM : Ward, : 1. In CA, what happens to potential title problems after you buy the property at the auction? (e.g., ex-wife who was never on title, makes community property claim regarding interest in property, and other examples that show cloud on title, etc. etc.) : 2. I know one can purchase title insurance on a property after purchasing it at an auction. Would/do you do this yourself? What are the pros/cons? : 3. From whom do you purchase title insurance post auction? : Thanks! =-=-=-=-=-=-=-=-=-=-=-=-=- David, #1. A trustee’s sale wipes off the title of real property all liens and interests junior to the foreclosing lien. Since the ownership interest is the most junior claim to the property, it won’t survive the foreclosure sale of any lien. #2. If you buy title insurance after you have already bought the property your purchase transaction isn’t covered by title insurance. So, since the insurance is only effective from the moment you buy it, you gain nothing buying it after the fact. #3. Any title company will be happy to sell you title insurance, as long as it’s in effect at the time it’s purchased and not before. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : 1. In CA, what happens to potential title problems after you buy the property at the auction? (e.g., ex-wife who was never on title, makes community property claim regarding interest in property, and other examples that show cloud on title, etc. etc.) : : 2. I know one can purchase title insurance on a property after purchasing it at an auction. Would/do you do this yourself? What are the pros/cons? : : 3. From whom do you purchase title insurance post auction? : : Thanks! : =-=-=-=-=-=-=-=-=-=-=-=-=- : David, : #1. A trustee’s sale wipes off the title of real property all liens and interests junior to the foreclosing lien. Since the ownership interest is the most junior claim to the property, it won’t survive the foreclosure sale of any lien. : #2. If you buy title insurance after you have already bought the property your purchase transaction isn’t covered by title insurance. : So, since the insurance is only effective from the moment you buy it, you gain nothing buying it after the fact. : #3. Any title company will be happy to sell you title insurance, as long as it’s in effect at the time it’s purchased and not before. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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