People Die. Statutes of Limitation Run Out. Loan Commitments Expire. Creditor companies go out of business. Witnesses relocate. Co-Owners become estranged and quit cooperating. Foreclosing Trustees refuse to postpone auctions. Memories fade.
All these realities added together make a pretty compelling reason to know about and start fixing possible title problems at the earliest possible opportunity. It may be fine in most cases to wait to order full title searches until after all inspection issues are resolved. But when racing the falling gavel at a foreclosure auction or an interest rate “lock-in”, delaying title examination is a bad idea.
Lenders have realized this reality and as one author puts it:
“title defenses are highly dependent on the facts of the case and stem from events that typically took place years before the foreclosure. Because there is no simple way to predict such claims, lenders, servicers, and their counsel must carefully and promptly review the title . . . for the property to identify and (hopefully) address potential title defects at the earliest possible juncture, either through litigation or a title insurance claim. As the mortgagor defense bar becomes savvier concerning title defects, the industry cannot underestimate the importance of early detection and resolution of such issues.”
Just as in year’s past homeowners did not start purchasing owner’s title insurance for their own protection until lenders had required lender’s title insurance for decades previously, so now Sellers, Auction Bidders, Short Sellers, Listing Agents, and other people relying on a transfer of a real estate title to be paid should consider doing as the lenders do! When racing the falling gavel of an auction or the expiring loan commitment of a buyer, or the effect of Father Time on covering the tracks of key parties needed to resolve title issues, procrastination is deadly!
Now visualize the businessman ripping off his/her button down oxford cloth shirt to review the super hero uniform underneath with a big “T” on the chest! Turbo-Title can come to the rescue with 1 or 2 business day turnaround on title searches! Sub-48 hour searches can be more expensive, but Turbo-Title was set up by our firm to help meet the need for speed and to provide creative ways to pay for such services such as deferred payment at the time of closing or payment from joint-venture dividends of the agents involved. Call us to discuss whether you’d benefit from an interest in Turbo-Title of setting up your own affiliate or if you just need a quick title examination!
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