Quote:
Originally Posted by biosurfer1
I hear ya Kurt 
i'm going over my policy as we speak...tough finding what i'm looking for in it though! |
Start by looking at the binder...should have a section that says "there is excepted from this opinions the lien for current year taxes; misdescription in survey of the property...yadadadad"...something to that effect. It will likely be in the front of the policy and not a part of the boilerplate.
Do you have a copy of the actual deed? I'd start there. Post the language in the deed...no needto put property description...just the words of conveyance and exceptions would help me tremendously. E.g., "For $10 cash in hand paid and other good and valuable consideration, the receipt and sufficiency which is hereby acknowledged, ABC Bank does hereby sell, convey and warrant into Bobby Biosurfer the following property lying and being sutuate in Harlan County, Kentucky and more particularly described in metes and bounds, to wit: A tract of land containing 900 aces....yadadadadada" There is excepted from this conveyance the following: 1. Taxes for the current year which have been prorated as of the date of this deed.; 2. the lien of that certain deed of trust.....3. Mineral or riparian rights previously conveyed to ...yadadadada...."
Don't let this experience sour you...in the big scheme of things the tax screw up is relatively minor and easilyfixed once you get their attention. A PITA but still not crazy serious. E.g., I had a client who did not purchase title insurance, bought a house on some rural acreage with cash and moved in. Only problem was that his deed conveyed another piece of property on which there was no house. Plus, the house he was in was deeded to a third party who was occupying what he thought was his house. ..who went into bankruptcy and the note was foreclosed on. A fourth party bought the house at the foreclosure sale from the bankrupt 3rd party's lender and wanted to move in to the house the bankrupt guy was in. .
So you had:
My Client Owner 1 living in House A but having a deed to vacant lot B.
Owner 2 thinking he owned vacant lot B but his deed was to House C.
Owner 3 thinking he owned House C but his deed was to House A.
Owner 4 thinking he was buying Owner 3's House C but actually bought House A at the foreclosure sale.
Talk about a clusterfock.
See....It could be worse
