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Is That Other Buyer Really Out of the Picture?

Beware of closing on a property based on a seller’s representation that a contract with a previous buyer has been cancelled. In a recent New York case, a buyer relied on such a representation and ended up having its title voided.

First American: Existing Home Sales Market Nearing Full Potential
First American has released its proprietary Potential Home Sales model for the month of July 2016, showing that the existing-home sales market is performing closer to its full potential.  
Punctual Abstract
Black Knight: Mortgage Delinquency Rate Rises in July
The Data & Analytics division of Black Knight Financial Services, Inc. has reported its "first look" at July 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. The data shows an uptick in the mortgage delinquency rate from June, although the delinquency rate is still down slightly from this time last year.
NAR: Existime Home Sales Slowed in July
Slowed by frustratingly low inventory levels in many parts of the country, existing-home sales lost momentum in July and decreased year-over-year for the first time since November 2015, according to the National Association of Realtors®. Only the West region saw a monthly increase in closings in July.
Quick links
Fraud prevention award given to local abstract company
Wednesday Berry and Dunlin County Abstract were presented The Eagle Eye Award for Fraud Prevention from First American Title Insurance Company.
Woman discovers home was built on the wrong lot
It's a homeowner nightmare no one could expect: A Palm Bay woman discovered her home was built on the wrong lot and now faces legal threats to kick her off the property.
An unexpected obstacle to the American Dream
Research by the Texas Public Policy Foundation shows that Texans pay among the highest title insurance rates in the nation.
Tiny houses raise big legal questions
Permits for such homes often don't exist.
Cyber crooks prowl Dallas' hot home market with buyer scams
Real estate sales firms and title companies are scrambling to put up defenses against internet scammers and overseas crooks who are trying to steal funds from homebuyers.
MBA Weekly Report: Mortgage Applications Decrease Slightly
Mortgage applications decreased 2.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 19, 2016.
Should You Double-Check that the Document You Filed Is Actually Recorded?
If you file a document for recording in the local land records office, and the office fails to properly record it, who pays the price when the unrecorded interest gets wiped out via subsequent events? You guessed it: you could easily pay the price for the recorder’s neglect, as shown by a bankruptcy case in New York.
Stewart Names Agency Services Manager and Underwriting Counsel for Connecticut
Stewart Title Agency Services announced the appointment of David Baghdady as Connecticut Agency Services Manager and Underwriting Counsel.
CoreLogic: Completed Foreclosures, Foreclosure Inventory Continue to Decline
Housing data provider CoreLogic has released itsJune 2016 National Foreclosure Reportwhich shows the foreclosure inventory declined by 25.9 percent and completed foreclosures declined by 4.9 percent compared with June 2015. The number of completed foreclosures nationwide decreased year over year from 40,000 in June 2015 to 38,000 in June 2016.
Validity of a Mortgage with No Legal Description Nor Any Hint of the Property Location
I’ve noted before that in Ohio, a mortgage may be valid without a legal description, so long as it contains some other information such as a parcel number or property address that uniquely identifies the property. But a recent Ohio case goes further, holding that it is possible for a mortgage to be valid without any mention whatsoever on the mortgage of what property is encumbered.
A Forged Deed Can Be a Good Deed, Part III
Forged deeds are worthless scraps of paper—at least, courts will often proclaim in most convincing language that a forged deed is absolutely worthless, always. However, there are several scenarios where a forged deed becomes effective.
Can a Title Insurer Establish a Right of Access Through a Temporary License to Use a Goat Path?

Standard language in title insurance policies requires title insurers to insure for a lack of access to and from an insured parcel. A court has ruled that title insurers have no obligation to provide a permanent right of access under this language, however.

Washington Supreme Court: No Cause of Action for Negligent Recording for Third Parties
The Washington Supreme Court has held that a title company cannot be liable for negligent recording of a document to a plaintiff who was not a party to the document, in a case where a title company recorded an unauthorized second mortgage that facially violated a term in the first mortgage that it had also recorded.
Professional Liability Insurance and Theft of Escrow Funds by a Third-Party Impostor
Are title agencies covered by their professional liability insurance policies if they are tricked by a clever hacker into disbursing money from escrow into the hacker’s account? Perhaps not. A New Jersey title insurer was tricked into wiring over a half-million dollars to a sneaky impostor, and its insurer isn’t paying on the agent’s professional liability policy.
On the Blogs

A New Curative Statute is Working its Way Through the Ohio Legislature
Source of Title Blog
2016/08/28
0 comments

Title Industry tasked with identifying money launderers
CHARLENE PERRY's Blog
2016/01/14
0 comments

TRID and it's impact on abstractors
CHARLENE PERRY's Blog
2015/10/05
3 comments

9th Circuit Reverses; Suit Goes Forward re: Mtg Loan Debt Collectors
john gault's Blog
2015/07/20
1 comments

"India" is not the problem
Thomas Pryde's Blog
2015/04/16
12 comments

Independent Abstractors: Well Trained Specialists (Part Three)
Thomas Pryde's Blog
2015/04/09
1 comments

Independent Abstractors: Making Peace With Technology (Part Two)
Thomas Pryde's Blog
2015/03/26
1 comments

Independent Abstractors: Dying Breed or Valued Specialists? (Part One)
Thomas Pryde's Blog
2015/03/19
2 comments

Introductions
Thomas Pryde's Blog
2015/03/10
0 comments

Reconstruction of Past Persons
William Pattison 's Blog
2015/02/20
0 comments

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