Undisclosed andMissing Heirs
... Another reason for title insurance!
What role does a Preliminary Report play inthe real estate process.
While there should be no risks in transferring property, risks unfortunately do exists.Any number of problems can remain undisclosed even after public records have been thoroughly searched.These hidden defects are dangerous because they may not come to light for months,or even years after the transfer occurs. Title Insurance protects the buyer from damages and expenses incurred because ofthe defects covered by the policy..
Missing or undisclosed heirs can arise like ghosts out of the past:
- Vested Owners Name - are the names as shown on the Purchase Agreement/Deposit Receipt? Have all parties executed and approved the Purchase Agreement?
- Surviving children omitted from a will
- Children born or adopted after a will is executed.
- Conveyances by an heir, devisee or survivor of a joint estate who murdered the decedent.
Remember, once purchased Title Insurance remains in effect for as long as you own your property. Title insurance provides security and peace of mind in property ownership.
