All Forum Posts by: Bruce M.

yeah, Title companies differ and what are considered "standard" exclusions differ also as per the company. Here is Vermont the lawyers do the title search then report to the title company that does the insuring. So the title company relies on the lawyer doing their job correctly. It was done like like that too down in Connecticut when I was a realtor there. No form that you mention in that sate back 25 years ago when I was in the business but perhaps they have adopted that form to correct errors in closings now. Sometimes I feel VT  is a bit behind the times or they just enjoy doing things their own way up here. Thanks for your input. It's very interesting and wouldn't it be great to have some standard way of conducting business.

I'm certainly not doubting you Russell. All I am saying is that here in Vermont and at my closing no such document was signed. Perhaps that is why my lawyer can make the comments that he makes.  How many closings have you done here in VT ?

looks like I have no clue how to tag people in posts...sorry...... 

@wayne brooks - my bad...you are correct ....the taxes are paid 3 times per year

Thanks to all so far. This is really fascinating stuff to me.  I want everyone to keep in mind that I understand that I owe the money and morally and ethically I'm ok with that.  What would really make my day is to hear the buyers attorney just apologize and admit to the error instead of having ego get in the way.  I'd also like to know how he spent $1850 to do a closing and make mistakes while doing it.  I have no plan to be the "bad" guy here.

Let's continue this from the legal standpoint.  @ Russell Brazil - no such document was signed and in the contract ( Standard realtor PURCHASE agreement section 19 - this is the legally binding contract that was used to purchase ) it gives seller the right to examine the title and notify the buyer if there are any problems so they can cure the default  before the closing date. It says nothing about errors or omissions. 

@ Ned Carey - Warranty  deed  seems very ambiguous in one section it says this " By Acceptance  of this deed, Grantees represent that they have caused the subject property to be fully inspected, and Grantees agree to purchase the same in "as is" condition. It is being fully understood that except as specifically set forth herein, Grantor has made no warranties, express or implied pertaining to said property, the condition thereof including but not limited to, matters relating to environmental conditions or hazards on the property"

Then later on its says " We are the sole owners of the premises and have good right and title to convey the same in manner aforesaid, and that they are free from every encumbrance, except as aforesaid and WE hereby Warrant and Defend the same against all lawful claims....."

nowhere in the deed do they define the "aforesaid" or "set forth herein" conditions.....so it seems to be saying two different things.....I'm passing this along only for the sake of discussion 

I really appreciate all who have taken and are taking the time to follow and contribute to this discussion.  So If I was a big bank then I would assume they would file a title insurance claim and then the title company would come after me as mentioned by a few of you.

Bruce 

My lawyer says this - " The bottom line is that he missed a lien during a title search and now his buyer is stuck with the bill"

ok.....so my buyers closing attorney did not figure this out as he didn't even know the bill existed......the may 15th tax bill covered March , April , May and June...so part is in arrears and part in advance

Hi,

I need some help trying to figure out what to do. I sold a property on May 30th and am holding a first mortgage for the buyer. The buyers attorney did a Title search at the local town offices on May 9th and was told that no back taxes were owed which was true at the time. On May 15th the taxes were actually due for this quarter.  The attorney went back to the town hall the day before closing to make sure the title was clear but forgot to research and ask about the taxes. We had the closing on the 30th.

Being the prior owner I received a delinquent tax notice on May 31st. I called my closing attorney and he said that the taxes "run with the property" and that is no longer my issue and that the closing attorney for the buyer should have picked that up during his search. The buyers closing attorney is trying to convince my attorney that I owe the taxes. As the lender I was issued a lender title insurance policy but I am not sure if the buyer got one too.

So morally I actually do owe the taxes but legally it seems that my buyer ( because of his attorneys mistake) now will soon have a tax lien on the property. I should also mention that I paid $1,000 towards my buyers attorneys fees and in addition he charged my buyer $850 for a grand total of $1850 in closing fees...so I am pissed off  that he took advantage. My attorney drew up the note and mortgage and closed the sale for $750.   

So what should I do from here ? The buyers attorney says I should pay and is blaming the town hall. Do I have my buyer file a title insurance claim ( if he has it ) or should I ? Do I just suck it up and pay and be even more pissed off ? What if I was Wells Fargo or some big bank...what would they do ? My lawyer seems to now be leaning towards having me pay or file a claim but it is as if he is trying to protect the other lawyer.

Whew...I know this is a lot but any help would be appreciated. I am conflicted by what seems to be the ethical thing to do and what is legally in my right. In many ways I'd like the buyers closing lawyer to make good on this. It's his fault. So where am I off here....? Brutal honesty I can handle so please don't hold back.

Thanks

Bruce

I've seen a lot of great links about note courses but haven't seen much on these folks.....any feedback would be appreciated. If I have done poor searches here on the forum and there is information already here then I apologize and perhaps you could link me to those posts.

Thanks

Bruce

well, I guess nobody knows where to find him and the one person who is reselling his materials is terrible at marketing and doesn't respond to email questions. If YOU have Napier material that you might want to sell then please contact me privately.  Thanks 

funny I just heard back from them a few minutes after posting this.....turns out they are a front end it seems to Lawdepot........so I'll need to check all this out....sure wish they would have communicated better...no doubt that needs to be improved