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CHANGES IN TITLE INSURANCE
Monday, September 27, 2010

When real estate is sold, the purchaser needs to confirm that the seller has the right to sell it.  That right to sell is dependent on the condition of the title to the property.  A ‘marketable’ title is dependent on the history of instruments recorded at the register of deeds.  For many years attorneys reviewed and gave their ‘attorneys opinion’ based on a collection of copies of the recorded instruments dating back to the land patent or grant from the 1800's.  That collection of documents was referred to as an abstract and was updated by abstract companies.
 
Abstracts have been replaced in most real estate transactions by title insurance policies which are insurance backed guarantees of the marketable title.  Prior to closing the seller furnishes a ‘commitment’ for such a policy, which lists the requirements to be fulfilled in order to receive such a policy.  By reviewing these requirements, the purchaser or the purchaser’s attorney can learn of the current condition of the title and the easements, restrictions or obligations that go along with ownership of that property.
 
Issues have come up where circumstances subsequent to a closing might effect the title.  For instance if the purchaser gave a deed to a living trust in the purchaser’s name, could the trust still make a claim against the insurance policy?  If following the closing and before the purchaser’s deed was recorded, a new lien, mortgage, or conveyance, to someone else was recorded, would the policy cover those clouds on the title?
 
Recent changes to the American Land Title Association (ATLA) standard forms have clarified many of those issues and have in some instances extended the coverages.  When entering into a purchase agreement it is important to understand what is covered what is not, and what additional coverages can be obtained by ‘endorsements’.

Support Information
Saturday, October 23, 2010
HOMEOWNERS DUTIES EXPANDED
Thursday, October 21, 2010
OIL & GAS LEASES
Thursday, October 21, 2010
NEW LANDLORDS
Sunday, October 17, 2010
RECREATIONAL TRESPASS
Saturday, October 16, 2010
LITTORAL OR RIPARIAN
Friday, October 15, 2010
REDUCTION OF HOMESTEAD EXCLUSION
Wednesday, October 6, 2010
ENFORCEMENT OF LAND CONTRACTS
Monday, October 4, 2010
UTILITY EASEMENT COMPELLED OVER DRIVEWAY
Wednesday, September 29, 2010
HOMESTEAD EXEMPTION FOR SECOND HOME
Monday, September 27, 2010
CHANGES IN TITLE INSURANCE
Sunday, September 26, 2010
REDEMPTION PERIODS
Sunday, September 26, 2010
LANDLORD’S DUTIES
Wednesday, September 22, 2010
FALLING VALUES, RISING TAXES
Saturday, September 18, 2010
INADVERTENT UNCAPPING OF PROPERTY TAXES
Friday, September 17, 2010
TRUST FOR MINOR CHILDREN
Thursday, September 16, 2010
JOINT REAL ESTATE DEEDS TO ‘AVOID PROBATE’
Monday, September 13, 2010
CONTENTIOUS CHARITY
Wednesday, September 8, 2010
TRANSFER TAX RELIEF
Monday, September 6, 2010
DESIGNATION OF PATIENT ADVOCATE
Saturday, September 4, 2010
TESTAMENTARY TRUSTS
Thursday, September 2, 2010
USE OF DURABLE POWER OF ATTORNEY FORMS
Sunday, August 29, 2010
TESTAMENTARY TRUST FOR PET CARE
Friday, August 27, 2010
WHAT ARE THE COSTS OF PROBATE
Thursday, August 26, 2010
GUARDIANS & CONSERVATORS
Wednesday, August 25, 2010
FEDERAL RELIEF PROGRAM
Sunday, August 22, 2010
MORTGAGE GUILT FACTOR
Monday, August 16, 2010
TENANTS OF FORECLOSED PROPERTY
Tuesday, August 10, 2010
EFFECT OF FORECLOSURE SALE
Thursday, August 5, 2010
DEEDS IN LIEU OF FORECLOSURE
Thursday, July 22, 2010
PROPERTY ABANDONMENT
Monday, July 19, 2010
SHORT SALE RELIEF FROM UPSIDE DOWN MORTGAGE
Tuesday, June 15, 2010
MANDATORY LOAN MODIFICATIONS
Thursday, June 10, 2010
CITY LIABLE FOR FLOODING
Friday, June 4, 2010
NON-DISCHARGEABLE CREDIT
Friday, June 4, 2010
PROTECTED ASSETS
Friday, June 5, 2009
CHILD’S MARIJUANA RISKS PARENT’S HOME
ENFORCEMENT OF LAND CONTRACTS
GROWING USE OF MEDIATION
HOMEOWNERS DUTIES EXPANDED
LITTORAL OR RIPARIAN
RESPONDING TO THE U.S. CENSUS
Contact Us at: (248) 693-6245    436 S. Broadway, Suite C, Lake Orion, MI 48362                                 © Copyright 2008 James R. Porritt, Jr. All Rights Reserved.
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