Special offer

Words you hate to hear--there's a cloud on the title.....

By
Real Estate Agent with Bragg & Associates Real Estate, LLC

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?

Highland Beach Condos David Serle
RE/MAX Services - Highland Beach, FL
Boca Raton Agent David Serle
That is pretty nuts.  I just had one where there were 2 open permits from 1993.  It actually closed today.  We had to escrow some money, but I use the motto "It always seems to work out"
Jul 20, 2007 02:02 PM
Bob Sloop, Consultant, Indianapolis, IN
RS Mortgage Consulting - Indianapolis, IN
Kim, this is very frustrating, been there done that.  This is not fun, I would consider using a different company if this continues, or as you said, research on your own.  That is time consuming to say the least.  I feel for you, hang in there.
Jul 20, 2007 02:09 PM
Kim Bragg
Bragg & Associates Real Estate, LLC - Augusta, GA
Broker/Owner, ABR, CRS, GRI, ePro
Thanks Bob, unfortunately in this case it was a relocation company that selected the attorney not me.
Aug 25, 2007 07:29 AM
Kim Bragg
Bragg & Associates Real Estate, LLC - Augusta, GA
Broker/Owner, ABR, CRS, GRI, ePro
The good news is that thanks to the internet, "I" was able to locate the ORIGINAL owner that lived within 2.5 hours of Augusta.  The attorney that missed the omission of the pond interest actually took the paper work to the original owner for signatures and we closed about a week late. 
Aug 25, 2007 07:34 AM