Home Buying in Spring Grove>Question Details

Oz, Home Buyer in Chicago, IL

If I close on a unit with a title insurance will it cover all future lein and unpaid bills. how I know if association is financially ok.?

Asked by Oz, Chicago, IL Sat Oct 23, 2010

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Hi Oz,

The title should cover all future liens and unpaid bills. However, expect but verify should be your plan here. Make sure to get "Owner's title" coverage. This is usually standard, but make sure your Attorney is on the ball about receiving and reviewing the title report. The owner pays for this in Illinois, and it protects you against any liens or other burdens to the property that may have occured before your closing date.
Also, make sure to use a Loan Officer who knows what this means, and how to ensure it is present on your title report and transaction. In my office we don't just receive documents, we actually read and address issues in them.
Finally, you have a right to request a copy of the Condo Association docs, and specifically their financials and budget, to make sure they are financially solvent. Your agent should be able to get that from the Seller's Agent, or your Attorney from the Seller's Attorney.
Remember, you have a limited Attorney review period based on your contract terms, so check that and try to get things done for you in that period.
Finally, check again before you sign the papers at closing, to make sure nothing has changed from before.
As a buyer, you have a right to ask as many questions as you need to, to ensure your full protection. Any of your chosen professionals that is unwilling, or unable to answer your questions should be considered a liability to your cause. Do not hesitate to replace them.
I wish you the very best in your transaction.
Please feel free to contact me should you have any further questions.

Sincerely,

Nike Fasanya, CMC
President
Marvel Ventures Mortgage, Inc
773-779-1190
0 votes Thank Flag Link Sat Oct 23, 2010
You will need a title insurance policy that gives you clean title. The title insurance company will only insure the title as it appears today. If something comes up later, the title company may protect you, but only if it was a matter of title at the time the policy was issued. Your attorney will make sure you are getting clear title.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Mon Jan 17, 2011
What is your agent, attorney and or loan officer suggesting---generally, title insurance is protection on one's right of ownership and protects against any undiscovered defects by the search--it does not cover any future leins or unpaid bills, unless they were existent and missed when the search initially took place.
0 votes Thank Flag Link Sat Oct 23, 2010
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