Landtrust, Deed Transfers And Title Insurance.
i AM DOING A DOUBLE CLOSING AND THE TITLE COMPANY SAW THAT THE DEED GOT TRANSFERED WITH $10 CONSIDERATION TO THE TRUST BUT NO DEED TAX WAS ASSESS AND THEY ASK THE BUYER I AM FLIPPING WHO HAD RAN TITLE TO PROVIDE A COPY OF SELLER X TITLE POLICY AND TITLE AFFIDAVIT BECAUSE WHEN HE TOOK TITLE HE HAD FEE INSURANCE.
ANY REASON ANY GUESSES BEHIND THIS?
they are saying that FORECLOSING HOMEOWNER X did a no consideration deed to the trust. when he took title he had fee insurance, they want a copy of the policy and also they need a copy of the title affidavit.
It is hard to follow what you are saying. Try keeping the same names for everyone. You have a "Buyer", "Seller", "He", "Homeowner", and some "Deed Transfer" but you never tell us who was the grantor or grantee.
In a typical double close there might be "Seller", "Investor using a Land Trust", "Buyer".
I would think that as long as you got title insurance when you bought it, you have no problems.
[addsig]
Most companies will insure around a lein. They can just list the lein as an exception to what they are insuring. This way you can sell the property, and if it becomes an issue have you policy cover it.
Chris
Can you do your closing with the same title co you used when you bought it? That may save some hassle as they are the ones who will have to fix any prior mistakes.
I have had this issue several times. It was always resolved with finding the lender and realizing that they either did not file the satisfaction or they filed it in the wrong county. On one occassion it was a lender that was sold to another lender that was sold to another lender. My title company worked it all out.
All,
Thanks. I should have a definitive next week.