How does this happen, it's not that hard to research a chain of title? Six transactions later and this attorney has to find it. Why now?
I'm the listing agent for a property that is being marketed by a relocation company. They had a title search done when they started the process with their transferee. Everything's fine. Only for the moment. We get a contract, basicially a cash closing, and the buyer wants to close in just 10 days. Works perfect with the moving company already scheduled to pick up the transferees household goods the day of closing (it was just too perfect and good to be true). Every agents dream, right? Well, it quickly became a nightmare.
The original owner had a 1/14 interest in a pond in the neighborhood when they purchased the property in 1983. Guess what, they still own that 1/14 interest in the pond and there have been 6 tranactions since they sold the property in 1987 including, count them, 2 relocation companies. We have a cloud on the title and are now having to search high and low for that original seller. Can you say extension?
I think I'll start doing my own title searches from now own....what do you think?