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A Reminder of Why Title Insurance is so Important
by Robert Franco  | 2021/03/07
I have been in the real estate business since 1993. I started as a title examiner, then became a title insurance agent, and now I am a real estate attorney. I am no longer a title agent, but I still wholeheartedly recommend title insurance to my clients. Because claims on title insurance policies are rare, some buyers are reluctant to pay for something perceived as "optional." Recently, a good example of why title insurance is so important landed on my desk. This will serve as an example I can share with my clients to explain why they need the protection title insurance provides.
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Categories: Real Estate Law, Title Problems
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Removing Standard Exceptions Leaves Agent Liable for Full Amount of Claim
by Robert Franco | 2019/02/03
Pitkin County Title, a Colorado title agency, issued an owner's policy to Preston and Betty Henn. The Policy was underwritten by Fidelity National Title Insurance Co. Pitkin deleted standard exceptions from the policy for things that were ordinarily excluded from coverage. As a result, the Henn's owner's policy committed Fidelity to extended coverage for unrecorded easements. Unfortunately, the Henns soon became involved in a dispute over a neighbor's use of a footpath across their property. When the neighbor filed a quiet title action, the Henns filed a claim on their policy.
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Categories: Title Problems, Title Standards
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Top Consumer Watchdog Places Bureaucracy Ahead of Consumers... Literally.
by Robert Franco | 2018/04/26
The Consumer Financial Protection Bureau (CFPB) was established in 2010 by the Dodd-Frank Act to consolidate much of the responsibility for consumer protection enforcement that had before then been scattered around many federal agencies. The Act gave the CFPB a substantial amount of independence to operate without undue influence from typical political gamesmanship and unscrupulous lobby groups. From its inception until Richard Cordray exited as the agency's director, the CFPB actively investigated consumer complaints and recovered approximately $12 billion for consumers. But, since then, the agency has been a bit lax. After Cordray left, President Trump appointed Mick Mulvaney as the new director, who has publicly criticized the CFPB and advocated getting rid of it.
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Categories: Consumer Advocacy
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Ohio Abstractors, Beware the Terminating Homestead Exemption
by Robert Franco | 2018/01/21
In Ohio, the disabled and elderly can receive a break on their real estate taxes by applying for a homestead exemption. The exemption is generally available to Ohio residents who are disabled or at least 65 years old, who own and occupy their home and meet certain income thresholds. For a title abstractor, it is important to note on the search that the taxes have been reduced by a homestead exemption so that the escrow agent can calculate taxes properly for a new owner - who may not qualify for the exemption. It is also important to note when homestead may be ending without a transfer of title, such as may happen when a homeowner passes away but their estate has not conveyed the real estate.
Read on for more information about homestead, and an example that can catch an abstractor and escrow agent off guard.
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Categories: Abstractors, Escrow/Funding, Ohio Legislation, Title Problems
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The Passing of a Good Friend, Pat Scott
by Robert Franco | 2018/01/02
I have gotten to know a lot of people since I started Source of Title in 2002. Many of them I have had the pleasure of meeting in person at the National Association of Land Title Examiners and Abstractors (NALTEA) conferences. One of the most memorable and friendly of the bunch was Pat Scott, and I am very sorry to say that he passed away just before the new year. Below are some of my memories of Pat, as well as his obituary and a link where you can sign the Guest Book. If you would like to share a story about Pat, feel free to post it below.
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Categories: General Interest
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Can the Government Acquire Property by Adverse Possession?
by Robert Franco | 2017/10/08
In Ohio, you can acquire legal title to another's real property if you prove exclusive possession and open, notorious, continuous, and adverse use for a period of 21 years. But, the general rule is that you cannot adversely possess property against the state. So, when a friend here in Ohio emailed me this very interesting question, my first thought was "sure... I think so, if all of the elements are met, why not?" But, the Fifth Amendment to the U.S. Constitution provides that private property shall not be taken "without just compensation." Does that rule out the possibility that the government can take title by adverse possession -- without going through the process of a condemnation proceeding and paying just compensation? Hmmm... it really is an interesting question.
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Categories: Adverse Possession, Inverse Condemnation, Real Estate Law
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