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WHY BUY TITLE INSURANCE? ~ A Live & Learn lesson
 
Back in 2017 I listed three islands in the Potomac River , consisting of 108 acres between Clear Spring , Maryland and Falling Waters, West Virginia. After tremendous publicity in the media for a unique listing the State of Maryland submitted an LOI to purchase the land. During their title search they uncovered that in the early 1900's one half of the interest in the property was sold to Western Maryland Railway to build  piers for a bridge.   This was never recorded in the Washington County land records or reflected on the state tax card information. My Seller purchased the islands back in the 1980's as a novelty purchase and did not think title insurance was necessary since the property had transferred a few times with out any issues.Sometime in the 1980's Western Maryland Railway was acquired by CSX . My Seller approached CSX to clear up the issue how ever they have been unwilling to work with him to try and complete the sale. After CSX was notified about the issue a few months later their name appeared on the tax card. Once I discover this; not having authorization or signatures from the current owners on my listing contract, I told ... more

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