We will call the friend, Sam. Sam bought a lot — he did not get owner’s title insurance. Later, Sam built a home on the lot. The lender required lender’s title insurance, but Sam did not purchase owner’s title insurance.
Sam knew when he got the lot that there was a dirt driveway at the edge of his lot that lead to a home (owned by we’ll say Scott) behind his lot. What he did not know until this month is that there is a 50′ easement across his lot. There had been 2 different title searches done by 2 different attorneys — both missed this easement.
Please watch the video for full details.
Had Sam purchased owner’s title insurance, he would be protected. But since he didn’t, he is out in the cold. He will never be able to sell his house or certainly not ever get his value out of it.
I know I sound like a broker record, but every purchaser needs owner’s title insurance.
Liz Loadholt
Chief Operating Officer
The AgentOwned Realty Co.
843-725-5007 Direct
843-725-6520 Fax
Liz@agentownedrealty.com
MamaLizBlog.com
Mama Liz Says — Still Another Reason for Owner's Title Insurance… http://fb.me/GIn2gfDP
@TheRealClint Mama Liz Says video http://mamaliz.onlineaor.com/2010/08/11/mama-liz-says-another-reason-for-owners-title-insurance/
RT @LizLoadholt: Mama Liz Says – Another Reason for Owner's Title Insurance http://bit.ly/9HSusz
@TheRealClint Mama Liz Says video http://mamaliz.onlineaor.com/2010/08/11/mama-liz-says-another-reason-for-owners-title-insurance/
RT @LizLoadholt: Mama Liz Says – Another Reason for Owner's Title Insurance http://bit.ly/9HSusz