Got this question from a seller the other day. Actually, I had to deliver the bad news after the title company called me to let me know that our closing would not be happening. Turns out that three owners ago the property was willed to three people, only one of those people were on the deed to sell it to the next owner and no quitclaim was ever recorded on the other two. Then the current owner bought it and wants to sell it to my buyer.
So now what? Well, the first thing to point out is that this is the reason title insurance exists! While not every transaction requires it (cash deals, to name one) that doesn't mean you should go without. You just never know what will turn up in the history of the property.
Turns out this seller bought from an auction house and can't seem to find her title insurance (and I am betting that's because a search was never done and insurance never purchased.)
So unless she comes up with a title insurance policy she either will have to file for Quiet Title Action to clear the title which could be several thousand dollars or she is stuck and can't sell. Pretty bad choices, huh? Don't question the charge, buy the title insurance.
Planning to buy or sell a home in Allegheny County? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.bestpittsburghhomes.com.
Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.
