is what the title company is paying out right now..
Glad I depicted the encroachment/use on the survey...although the situation/lawsuits are way more complicated than that.
Can't say much more on the subject than that what I mentioned.
Far better it be them than you.
> Far better it be them than you.
AMEN!!!:-)
From previous discussions of title insurance, it would seem that this should make headlines: TITLE COMPANY PAYS FIRST CLAIM!
For them it's a mere drop in the bucket. Minimum charge from CTI for a $100,000 policy is $1,000.
Historically title companies have paid out less than two percent of their premium income.
I was involved in a case where the title insurance company finally gave up and gave the client his money back and took the land.
The TI Co was near a year into the process of suing everyone in the neighborhood for a right of way to the tract. I went to the attorney's office to prepare for my deposition in the matter. I was very early because there was lots of snow that day and I wasn't sure of travel conditions.
About an hour before my time is to begin the attorney for the title co comes in as white as a sheet. "Did the buyer know there was no right of way to the property?"
My response? "Everybody knew there was no right of way. It's on my map. Look at Note 3 where I clearly state that there is NO RIGHT OF WAY."
He said something to the affect of how did the closing attorney miss that.
"He is known to ignore anything and everything in an effort to close the deal. They never called me to ask about the survey. My guess is they never even looked at the map with the glaring note that said there was no documented right of way on the old road. I wondered how in the world he was able to get the client a clean policy when the seller was only willing to sign a Non-Warranty Deed. I see now how he did it. He ignored the problems.".
Not sure how much money the TI Co lost on that deal; but, my guess is they ended up with the land and around $600K out of pocket. Knowing them they probably turned around and sold the land to the neighbors for $700K.
Larry P