THIS IS A RE-BLOG FROM Tammy Lankford,
Tammy has been in the business a very long time. She has had a LOT of experience and when she speaks, I listen. Quite frankly, I'm not even sure she was old enough to drink or vote when she got started in the business.
Nevertheless, as we know, different states do things differently, but let's not overlook the fact that in today's society, there are many Cash Buyers and a Title Search, Title Insurance, and Survey is often neglected. When people have cash, it is often hard to part with money, when they think it isn't necessary. But there can be problems!
For example, when there is a flip, and a buyer buys to reside in the property, the last thing they want to do is find some hidden financial obligation, i.e., SURPRISE! There's a cloud, a LIEN was skipped over!!! Tammy provides great information and I liked what what Joseph Domino 480-390-6011 added to her post too:
"As agents, we often take for granted that all sales go through an attorney or title company. But it is surprising how many times a property is transferred without full title searches or title insurance."
Please support Tammy Lankford and Joseph Domino, supporting them here on ActiveRain and show them some love if sending referrals their way.
I almost typed that in all caps like I was yelling at you. If you buy property and get a loan you will have a title search. However, for a cash deal it isn't a legal requirement, nor is title insurance, but IT'S STUPID NOT to get a title search. Even if you are inheriting property it would be beneficial to you to have the probate attorney do a title search or hire your own. (Granted your state may be different and you may be hiring a title company or escrow company) but in Georgia you want a title search you call a real estate attorney.
I have a contract on a listed property where no title search was involved on the previous transfer of title to the current owner. I was made aware there was a loan on the property as was the closing attorney. What I was not aware of was a lien. A lien that was in place to the former owner before my seller got title by way of a quit claim deed. And as it turns out that transfer (which came as a settlement) was now worth significantly less than prior belief because this lien has to be paid for my seller to transfer good title. So not only is my seller losing money, they are also losing time. And as we all know time is money.
We're waiting for some negotiations to take place between my seller the lien holder. Those could be lengthy because it's not a private party. And if you've ever waiting on the government to get back to you then you might have an idea why I'm expecting lengthy. In this case our buyer is willing to wait. But this all could have been avoided had the current owner had a title search at the time the transfer was made to them from the previous owner.
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Tammy Lankford, Broker/Owner
Broker License # 169695 Lane Realty License # H-11420
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