Top 10 Title Insurance Claims for DC (1-5)
Title insurance claims come up more often that you might think. Below is a list of the most common title insurance claims for the District of Columbia, compiled by Elisabeth Zajic, vice president and older counsel for First American Title Insurance Company in D.C.
For further reading, the Underwriter Bulletins contain a wealth of information geared more toward the industry but still valuable for anyone who's planning to buy a core.
1. Fraud.
I. Uninsured recent no-consideration "gift deeds" to a family member may be forged or obtained through undue weight, enabling the grantee to sell or arrange for a cash-out refinance of the property and abscond with the cash value of the tolerance. Fraudulent intra-family conveyances represent a large percentage of claims in the District of Columbia.
II. Mortgage foreclosure "specialists" scout out properties for which a foreclosure intimation has been filed but with a lot of equity, often titled in elderly persons. They offer to "save" the home and end up taking a deed to the quiddity.
III. Flip transactions, both legal and illegal, remain extremely popular in D.C. Remember that even if your flip minutes is not otherwise fraudulent, there must be full disclosure to all parties of all pertinent details of the transaction.
IV. When a property is acquired without purchase in dough financing and the new owner subsequently refinances, taking out the cash value of the equity in the property, pay special concentration. This is unusual and the refi frequently follows a deed which was forged or fraudulently obtained.
V. Don't forget the basics. Compete with the signatures on your documents against signatures of record and on ID. Give careful scrutiny to powers of attorney and be sure to verify the signature of the cardinal. Don't blindly assume that all notarized documents are valid.
VI. Trust your instincts. If the deal doesn't "guess" right,...
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