Where is the Title Policy?

OMG I was just reading an article in The Ledger about a couple who lost their farm because of a clerical error! An old lien against a piece of property! What is this world coming to? The County Government and the New York Authority which made the error should be responsible to this couple! Sometimes I think we live in a world without a heart.

Take the time to read this article - maybe someone can figure out how to help?

http://www.theledger.com/article/20081013/NEWS/810130355/1374?Title=Clerical_Mistake_to_Cost_Couple_Their_Farm

I can't remember the exact reading of the standard Owner's Title Policy - There is probably some provision for such occurrences but unfortunately at this time my mind is blank.

Lakeland Florida Real Estate Update

Lakeland Florida Real Estate prieces are being reduced! Unfortunately, people are taking what they can get, given the circumstances of the economy in Lakeland. I understand and feel sorry for the many people who are being forced to sell their property due to foreclosure. This effects the seller and all surrounding property owners. I am just an average person looking at the overall effect this will have on our area. I'm sure many of the real estate agents, investors, and real estate gurus in the area will have their opinions, but just from the regular person on the street, this is awful! I was gonna use a different word, but this is a respectful blog!

I was speaking with a Realtor last night and she said the Mortgage rates dropped again! Great, so now is the time - if you have money - to buy! Yes, there is the BIG IF! The interest rates coming down would allow investors and others with money in the bank and a stable job the opportunity to purchase. The flip side is - the economy is down and many companies are downsizing and laying off - so many would be buyers are scared to purchase for fear of the BIG FORECLOSURE coming their way in the future. So, what do we as a great nation, do to solve this problem?

While speaking with a Title closer the other day - yes, properties are closing. The word around the industry is many Title offices are struggling to keep their doors open in Lakeland and surrounding areas, but others are picking up the slack. So, which will survive is the question. Hopefully, the honest and straight forward companies will stay around, so we can feel secure in our property transactions! Unfortunately, many of the "not so honest" ones will be the ones to survive since they are charging their customers unrealistic prices, not paying the costs to REALLY clear the title, and offering what might be considered illegal paybacks for people to bring their closings to them. These companies will be bringing in more money per closing, expensing less money out for correcting title, and giving a percentage or incentive to attract real estate agents to use them! The calculation therefore is the bad will survive and the honest person will have to work harder to defeat evil!

Ok, getting stuck on my opinions in the Tilte Closing saga. Sorry. The main topic was supposed to be Lowering the Price of real estate in Lakeland Florida, now Im gonna have to figure out a new title for this blog! Ok, changed the title to better fit my ramblings!

Common Title Defects

The real estate industry may be slow in Lakeland Florida, but that is no reason not to be prepared if you receive an offer. I was looking thru my computer – cleaning out old stuff! LOL there is a bunch of it! I came across a listing of items which may cause a closing to be postponed or cancelled. With the few offers sellers are receiving these days, I think it is important for the sellers to be aware of circumstances regarding their property.

You need to go online and check out your property – Today! This will help to prepare you for the sale. Some items you may not find, but others may stand out to you! It is worth the time to investigate now!


Common title defects and overlooked encumbrances:

Typographical errors on Deed

Missing information on Deed

Satisfactions of Mortgage not recorded

Release of Liens not recorded

Documents recorded in error which include your legal address

Judgments or liens you are not aware have been filed


Good Luck with your sale!