But will the lender be able to interpret what they are reading?
What will they do with commercial properties - particularly condos where there are two levels of condominium interests (bldg with 10 floors each is a separate condo)
What will they do with waterfront properties & beach rights?
What will they do with properties that "have been in our family for years & years and we've never had a mortgage" - a kiss of death for certain
How on earth will they manage subdivisions from the early 1980's where absolutely nothing is indexed correctly- or even modern subdivisions where documents relating to Orders of Conditions, Decisions & Planning Board Covenants sometimes utilize a prior owner's name - or even by nickname (Bob instead of Robert)
What about probate issues?
What will they do with Torrens system properties? That will be an interesting exercise to say the least
In the last 10 days I have examined two titles - one missing a full 50% interest - and this property has been mortgaged several times - the other with somewhat intractable probate issues. How do they propose to fix title problems and who will have the liability for the problems?
There is also the issue raised by another commentator about GIGO. Each Registry of Deeds indexes documents somewhat differently; regardless of the fact that there indexing standards that are statewide. In one Registry which will remain unnamed, the character 4000 is also indexed as four thousand and (wait for it) forty hundred.
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