Home Buying in 30513>Question Details

Jj, Home Buyer in 30513

If there is a mistake in the title search that results in the loss of property, will the title company be accountable?

Asked by Jj, 30513 Thu Apr 7, 2011

I do have an owner's title insurance to cover the mortgage, but what about my 4 years worth of payments I have made on a home that I thought was mine? Do I have any recourse concerning my "wasted" money and equity in the home? Thanks so much!

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Answers

5
Lori Beardslee’s answer
The only way to protect yourself and YOUR equity in the home is to purchase OWNERS title insurance at the closing. Lenders title insurance is required by the lender to protect their interest and loan amount, but Owners title is optional to you, but highly suggested that you purchase for this exact reason...errors, title defects, lot line disputes and many more items.

Lori Beardslee, Branch Manager
Silverton Mortgage
lbeardslee@lorandlori.com
(770) 527-1375
0 votes Thank Flag Link Fri Apr 8, 2011
Well, Jj, there are only two ways to find out - make a claim and see if they honor it, and if they don't, see an attorney.
1 vote Thank Flag Link Thu Apr 7, 2011
Hi Jj,

I would suggest you contact both the title insurance company and your real estate attorney. They would be able to help you the most at this point.
0 votes Thank Flag Link Fri Apr 8, 2011
1. Make sure your title insurance is for yourself and your not looking at the lender’s title insurance on the HUD

2. Look at the paper work you signed off on about the title at your closing

3. Contact the title company that you used (ask questions)

4. Contact a real estate attorney

John J. Reinhardt
REALTOR
Residential, Commercial, and Land

T 770.475.1130 Ext. 6806
0 votes Thank Flag Link Fri Apr 8, 2011
Why not consider consulting with an attorney who specializes in real estate, he/she can best advise as it relates to your specific situation; most professionals do offer a free consultation.
0 votes Thank Flag Link Thu Apr 7, 2011
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