InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Title insurer caution Posted by Ward-CA- on September 07, 2003 at 6:33 AM In Reply to: title insurance....confused?? posted by zachary on September 06, 2003 at 12:46 AM : Ward, : : I am in the process of buying a pre-foreclosure. will take title with a trust....currently in the 5 day cancelation period. : I will get a prelim. done and I am confident on my title searching skills so I will not be buying title insurance. : I've heard conflicting info about this issue. : Will I have an issue when I sell to a retail buyer who will be getting new finacing? will the new lender demand title insurance? : Thanks for the help!!! : : Zachary =================== Zachary, When you subsequently re-sell or refinance real property you bought without the benefit of title insurance you will have to deal with a lot more cautious title insurer upon resale. That's because the title company is going to start their title search at the last point in time where title insurance was issued. That's going to be sometime before you originally bought the property. So anything that subsequently occurred to the title of the subject property, including your purchase transaction, will be examined for errors, etc. You very well might have to convince the new title insurer that you didn't acquire the property through trickery, or duress by requiring you to get some form of estoppel affidavit from the sellers, etc. Follow Ups: Re: Title insurer caution James - CA 11:10 AM, 09/07/03 (3) Affidavit of Deed Ward-CA- 6:40 AM, 09/08/03 (2) Re: Affidavit of Deed will kim 4:28 PM, 09/08/03 (1) check the fillable forms section on this site Travis-CA 7:53 PM, 09/08/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : : : I am in the process of buying a pre-foreclosure. will take title with a trust....currently in the 5 day cancelation period. : : I will get a prelim. done and I am confident on my title searching skills so I will not be buying title insurance. : : I've heard conflicting info about this issue. : : Will I have an issue when I sell to a retail buyer who will be getting new finacing? will the new lender demand title insurance? : : Thanks for the help!!! : : : : Zachary : =================== : Zachary, : When you subsequently re-sell or refinance real property you bought without the benefit of title insurance you will have to deal with a lot more cautious title insurer upon resale. : That's because the title company is going to start their title search at the last point in time where title insurance was issued. That's going to be sometime before you originally bought the property. So anything that subsequently occurred to the title of the subject property, including your purchase transaction, will be examined for errors, etc. : You very well might have to convince the new title insurer that you didn't acquire the property through trickery, or duress by requiring you to get some form of estoppel affidavit from the sellers, etc. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455