All Forum Posts by: Tom Gimer

Don't even try it without search and attorney. Sure they could quitclaim you their interest, but it may turn out to be zero. Don't pay for zero.

Tell the title company to update their search and check for pending litigation. Could be totally unrelated to your sale and properties... or not. Review with independent counsel if necessary.

This property could be the subject of a marital property settlement agreement or judgment. Fairly common for an agreement to be reached (or divorce decree addressing this issue entered) but the actual transfer to be delayed or neglected. She could certainly be the equitable owner and capable of negotiating a binding agreement. You just need to inquire.

As a single member LLC and just getting started, you don't even need an operating agreement. The LLC Act in your state provides the framework.

However, if you want things done right, with your best interests in mind, all questions answered, and future plans (such as adding additional players) covered appropriately, go with an attorney.

This provision sounds like an effort to avoid transfer taxes rather than real property taxes. From a quick search it appears that OH fully re-assesses all properties every 6 years and updates those values every 3 years, regardless of whether or not there has been a change in ownership. 

Many foreclosing attorneys won't even give a special warranty deed, so you're doing just fine. All you care about on the title side is whether the title insurer will issue you an owners policy. Review specific exceptions to coverage. 

Ground rents are common in the City and County, have existed for 200+ years, and are accepted in the market. Don't let a property subject to ground rent deter you. Like Teresa said, the ground can always be redeemed pursuant to statute with the buyout figure based upon date of the lease and annual rent.

Contracts are between buyers and sellers. Title companies are typically not parties to sales contracts or assignment agreements. The only time a title company would execute such an agreement would be to acknowledge receipt of an EMD or some specific terms related to escrow/conditions of release of funds.

And to answer an earlier question, if the LLC members were identical to the individual owners, there would be no need for a new title insurance policy. The LLC would meet the definition of the term "insured" under the standard ALTA owners policy.

No address in the ad? Odd that you are even interested in the sale.

If the foreclosure advertisement doesn't provide the address or at a minimum the parcel/Tax ID number of the property or the recording information of the security interest being foreclosed (so that this information could be ascertained), I imagine very few bidders will be at the auction. Further, the lender may have a claim against the auctioneer.