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Judge: Current Owner Searches are Reasonable for Purchases

Is a current owner search a reasonable search for a buyer to conduct when buying a property, even when the current owner did not gain title through a warranty deed arising from an arms-length transaction?  A Federal District Court judge thinks so, agreeing with a bankruptcy court judge that came to the same conclusion.

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Title Industry Forecast: Strong Growth Through 2019
A report on the title industry from IBISworld forecasts that title industry revenue and profits will rise strongly through 2019 as existing home sales rise.  In the short term, revenues are forecast to be lower in 2014 than in 2013.
Alexandria City, Vrginia Begins e-Recording
Alexandria City is now accepting electronic land documents for recording, e-recording service provider Simplifile has announced.
Punctual Abstract
NAR: Existing Home Sales Highest in Nearly a Year
Existing-home sales increased in June and reached an annual pace of 5 million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of Realtors.
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Court abstractor accused of stealing records sentenced
A courthouse researcher charged with taking official records from the Columbia County Clerk of Superior Court's office last summer pleaded no contest to a trespassing charge and was sentenced to probation.
Florida Title Agent Arrested in Mortgage Fraud Scheme
A Melbourne, Florida Title Agent was arrested along with a Maryland CPA in a multi-million dollar mortgage fraud scheme.
Former San Fran Fed Employee Threatened To Murder Ex-FHFA Head Ed DeMarco
A high level executive at the FHFA, the regulator of Fannie Mae and Freddie Mac, is accused of threatening to kill the former head of the agency.
Audit: Mojave County recorder's office misused funds
A state audit concluded the Mohave County Recorder's Office misused about $150,000 in collected fees last year meant for specified tech purposes.
New York title company takes aim at D.C.'s crowded commercial real estate market
A New York City-based title insurance company has scooped up a pair of D.C.-based firms with the aim of breaking into Washington's multibillion-dollar commercial real estate industry.
MBA Weekly Report: Volume Increases; Interest Rates Lowest Since May 2013
Mortgage applications increased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 18, 2014. 
Illinois Title Agent Sentenced
The owner-operator of an Illinois title agency has been sentenced to twenty-one months imprisonment in a scheme to defraud clients in order to fund a gambling habit.
"How can we pay this claim, when the loss hasn't been determined?"

In paying claims, a title insurer can, in certain circumstances, wait for the outcome of a foreclosure or other litigation in which its insured may collect money.  In other circumstances, the title insurer has to go ahead and pay the claim even when there is pending litigation that could reduce the loss of its insured.

Sometimes, an Agent is not an Agent

As a buyer in a real estate transaction, you may deal with several persons whose profession title includes the word "agent".  Only some of the persons will be your agent, however-- and whether a particular person is your agent or not will have a profound effect on your liability for their actions if they screw up.

Inchoate Liens and Equitable Subrogation

In Maryland, if a refinance mortgage is for more than the original mortgage, it will be assigned the priority of the original mortgage if an intervening lien is not discovered due to the lender's negligence, but only for the amount of the original mortgage, and the excess amount will be assigned a lien position behind the intervening lien.  But what happens if the intervening lien has an uncertain or erroneous amount listed?  Will the lien for the excess amount of the refinance loan be behind the actual amount of the intervening lien, or the erroneous amount?

Voiding Old but Known Easements Under Marketable Title Acts

Can you have a property declared free and clear of an old but validly recorded easement you knew about when you bought the property?  Generally, the answer is no, but in certain states, you apparently can, in certain circumstances.

Screwed, More or Less

A survey exception in a title insurance policy can exclude coverage even when the dimensions of the property are less than stated due to an out-conveyance of a parcel that was missed by the title insurer.

When Notified of Your Error, Fix It

Courts will often refuse to help those who do not help themselves when they are capable of doing so.  So it was recently for a refinance lender who was notified that their mortgage had a bad legal description but did nothing to correct it until it was in jeopardy of being wiped out in a bankruptcy.

On the Blogs

An extended warranty for much less money
Erica Hewlett's Blog
2014/07/31
0 comments

Legacy
William Pattison 's Blog
2014/07/22
0 comments

Name Runs: A Brief Lesson
William Pattison 's Blog
2014/07/21
2 comments

Adding a blank 1st Page Cover Sheet to recordings- Maryland
CHARLENE PERRY's Blog
2014/07/07
4 comments

Are you a Digital Criminal?
William Pattison 's Blog
2014/06/06
0 comments

Privacy vs. the Public Record
William Pattison 's Blog
2014/05/30
3 comments

Punished for trying to fix a flawed mortgage
Slade Smith's Blog
2014/05/27
6 comments

Ohio's H.B. 201 Gets My Vote for Worst Bill of the Year
Source of Title Blog
2014/05/06
0 comments

Expressed Agreements v the Uniform Commercial Code
john gault's Blog
2014/04/18
0 comments

ATR Sued…
William Pattison 's Blog
2014/04/17
4 comments

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