What you can expect from First Title Corp of St. Tammany?
Is your title company a typing service or a professional settlement service? What’s the difference?
First Title Corp is a professional settlement service. Our first commitment is to make sure the title to your property is clear of all problems and defects. Some companies do not search the records back 30 years. Instead they search from the present owner forward, reducing their overhead costs. The belief is if someone else has obtained a mortgage or purchased the property within the last decade, the title should have no defects and someone else has probably insured it. While that may be true, it doesn’t mean that human error didn’t overlook a problem.
A recent closing we worked on did have a title problem. The seller had purchased some vacant land in 2007. The seller thought he owned 25 feet more than he actually did. This seller was quite surprised to learn that his square footage was less than he thought. He presented to us at First Title Corp, his Owner’s Title Insurance Policy he purchased from the title company that handled his purchase of this land. This strip of land was worth $24,000.00 of the sales price and appraisal. The purchaser and seller negotiated to remove this strip of land from their purchase agreement and close the sale. Thankfully, this 25 feet of land did not BLOW the transaction, but it was close.
The seller is pursuing his claim for the loss.
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