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Cross post from elsewhere: Anyone familiar with real estate law? Our owners title insurance was charged on HUD, but the lawyer neglected to actually purchase it. This is for a condo in NJ, closed in 2014. Now the lawyer says it will take a month to get the owner title insurance. Is there any cause for concern?
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Jul 24, 2015 21:07
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| # ¿ Apr 28, 2024 07:26 |
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Hot Dog Day #91 posted:If the lawyer you refer to is your lawyer, you should call and ask her. The lawyer is giving us the run around; the fact that he can't seem to buy the insurance immediately now suggests that the title is not clean.
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Jul 24, 2015 22:46
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Yes, the transaction already occurred, and in an uninsured fashion; we're more worried that the title isn't clean, which is suggested by not being able to purchase title insurance on it now for potential resale.
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Jul 24, 2015 22:56
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Motronic posted:The fact that you can't purchase title insurance is suggested by the fact that the transaction already occurred. Because that's how title insurance works. Okay, that makes the most sense to me too. Why would the lawyer say he ordered it a month ago then, I have no idea. How can I check if the title is clean then?
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Jul 24, 2015 23:04
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Doing some more research, and it looks like title insurance is the only type of insurance that insures backwards in time and not forwards.
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Jul 24, 2015 23:20
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| # ¿ Apr 28, 2024 07:26 |
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I'm told that it can be bought at any time: refinancing a mortgage requires new title insurance for the bank for instance.
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Jul 24, 2015 23:30
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