Why a Preliminary Title Search Makes Sense

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You know how life is, It's always something, another surprise

I have come to realize that the only Thing we Know for sure,

Its that we don't know for sure!

Example  A Purchase contract is signed and a Deposit is put in escrow, 

The Title company  sends you an email

"We may have an Issue" (In the Old days we had Problems, today we have issues)

"The Seller has an IRS, or other Lien for more than the Value of the Property"

OR "Didn't the Seller tell you he Filed for Bankruptcy, so None of his Real or Personal Property can be sold"

The buyer is upset because he wasted his time,

 and is waiting to get his deposit back which can take days.

Another example

A Bank gives out a $200k Mortgage on a Free and Clear on house with plenty  of equity 5 X Equity to Loan

from a person they have done business with for years Borrowing & paying back.

Of course they checked for liens and ran comps and give the Loan

The person taking out the loan failed to disclose

 he was scheduled for a Federal Criminal Trial which if found guilty

meant years of Prison and a fine 4 times the value of the house.

Yes they are in first Position, but the time and Lawyers fees involved in foreclosing a property in a Situation like that

, its a very Large in time and Expense,

and you can bet the individual who approved the loan without doing a Federal search

A Search provided by a Title Company not including a Title Insurance Premium, done In conjunction with Underwriting a title Policy is approximately $225 give or take $25 -$50 , a qualified Searcher Abstracter can get it done for less

All of this hassle & aggravation could have been avoided with a Preliminary title Search

Preliminary Title Searches before a contract and Deposit can Save Time & Money

One That includes Federal Courts Search i.e Bankruptcy Civil Criminal ( Not all Do)

can be done for Less than a Title Searcher at a title company in Most cases

Example one can be done for $85.00 with a 24 hour Turn around includes Federal Search & Comps
 AT    I T S 1  . N E T

As Will Rodgers,the famous speaker from the 1930's
We are all ignorant it's Just on different Subjects

A wise mane said "Learn from the Mistakes of others