Get a title search, get a title search, get a title search

Reblogger Gabe Sanders
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

Get a title search!!

 

Original content by Tammy Lankford, GREC# 169695

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

 

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Rainmaker
3,186,036
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Yup, Yup, Yup, loved this post and anyone who does not do that is doing a disservice to themselves, Endre

Dec 13, 2018 10:56 PM #1
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for reblogging the post. I hope home buyers will read it and learn from it 

Dec 14, 2018 02:34 AM #2
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Gabe... this is an excellent selection for a reblog. I've never had a client no agree to title search and title insurance... but if I had one and they declined, they'd be signing a waiver for me indicating it was their choice against my recommendation.

Dec 14, 2018 04:41 AM #3
Rainmaker
5,306,290
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Gabe, for sharing this excellent reblog selection.

Dec 14, 2018 07:35 AM #4
Ambassador
3,760,158
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gabe a cash buyer is VERY FOOLISH if they don't do a title search.  And saying they are foolish is much nicer than calling it what it really is

Dec 14, 2018 03:55 PM #5
Ambassador
2,854,663
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Thanks for this reblog Gabe.  My seller is getting their situation resolved.

Dec 15, 2018 09:45 AM #6
Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thank you for stopping by and taking the time to read my re-blog.

Jan 14, 2019 07:31 AM #7
Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for your comments. It’s always good to hear from you.

Jan 14, 2019 07:32 AM #8
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Rainmaker
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Gabe Sanders

Stuart Florida Real Estate
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