Submitted by danfahey on Tue, 06/08/2010 - 21:16
Posted in
What happens when a title search done in 2010 on one's home reveals a lien dating back to 1957 that was not discovered when the home was purchased in the 70s? I don't think title insurance was required back then. How does one recover damages from the bank's attorney, since the bank has been bought and sold many times over since then? And how can such a lien, uncured for 53 years be a legitimate one? One would think the entity placing the lien would have followed up at some point.
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Editor's Response
You don't provide a lot of information, but that's OK because before anyone can tell you how you should proceed they will need to do some research. Depending on the type of lien and the amount of money involved, your response may vary. You need to contact a local real estate attorney and have her review the situation and the lien in question. It may be a simple and common situation, such as someone failing to file a discharge, or a more complicated matter. In either case, the attorney should be able to tell you what, if any, action is required. She might also be able to tell you if there is some liability on the part of a bank or an attorney and whether an action can be brought against a successor of that party. Good luck.
TITLE SEARCH Gone Awry...
Follow up questions:
Isn't it now required, at least in MA, that folks carry title insurance? At least if you need to take out a mortgage?
Even if not required, does it make sense to have it anyway?
Editor's Response
The law does not require it, but the lender will require you to purchase a lender's title insurance policy. And, yes, I think it is a good idea to purchase a buyer's title insurance policy.
That's helpful. But even if
That's helpful.
But even if one doesn't have a buyers title insurance policy, if there is a problem with the title search wouldn't one be able to go after the lender's policy, since in effect the lender has taken out a policy that YOU have paid for?
Editor's Response
No. that's not how it works. The lender's policy protects only the lender.