Tallgrass Title: Uncovering the Unexpected
The problems.
Title Defects and Their Impact on Closing
When it comes to real estate transactions, title defects can significantly delay the closing process. These defects can arise from various sources and have the potential to disrupt the transfer of property ownership. Here are a few professional examples of title defects and how they could delay the closing:
Outstanding Liens or Judgments: If there are unresolved liens or judgments against the property, the title cannot be transferred until these financial obligations are settled. This process can take time as it involves coordinating with creditors and ensuring all outstanding amounts are paid.
Missing Heirs or Unknown Ownership Claims: In cases where the property has a complicated ownership history, unresolved claims from missing heirs or unknown individuals can create significant delays. Legal processes to determine rightful ownership and clear title can be time-consuming.
Errors in Public Records: Mistakes or inaccuracies in public records, such as incorrect property boundaries or incorrect legal descriptions, can lead to title defects. Rectifying these errors often requires extensive documentation and legal procedures, causing delays in the closing process.
Unreleased Mortgages or Deeds of Trust: If previous mortgages or deeds of trust have not been properly released or discharged, it can complicate the transfer of title. Resolving these issues involves coordinating with lenders and recording authorities, which can lengthen the closing timeline.
Forgeries or Fraudulent Transfers: Title defects resulting from forged signatures or fraudulent property transfers can pose serious legal challenges. Proving the authenticity of the title and addressing fraudulent activities can consume a significant amount of time and resources.
Each of these examples underscores the critical importance of conducting thorough title searches and addressing any defects well in advance of the closing date. The presence of title defects demands meticulous attention to detail and may require legal intervention, all of which can contribute to substantial delays in finalizing the transaction.
The tallgrass title fix.
Identification and Research:
We begin by conducting a comprehensive title search. During this phase we meticulously examine public records including: deeds, mortgages, court records, and other documents relevant to the property. This search aims to identify any existing issues that could affect the title.
Resolution of Encumbrances:
Once the title issues are identified, we as the title company takes proactive measures to resolve them. This may involve working with creditors to clear outstanding liens, mortgages, or judgments against the property. By settling these encumbrances, the title company aims to ensure that the title is free from any financial claims that could affect its validity.
Unprobated Estates:
In cases where there are missing heirs, unprobated wills, or undisclosed interests in the property, Tallgrass Title facilitates the necessary legal processes to cure these defects. This may involve contacting heirs, clearing up inheritance issues, and arranging for legal documentation to rectify any uncertainties regarding the property's ownership.
Title Insurance:
As a final layer of protection, title companies issue a title insurance policy to safeguard the parties involved in the transaction against any known defects or claims on the transaction title.
At Tallgrass Title, we provide the necessary expertise and attention to detail that are essential in ensuring that real estate transactions proceed smoothly and that the parties involved are protected from unforeseen title issues that could jeopardize their investments.
