Atlanta Buckhead Midtown - Part 2
Property Title + Title Insurance = Safety
Atlanta Buckhead Midtown Westside and everywhere else, the astute Buyer understands the necessity of having, as Barbara Todaro says, "clean, clear marketable Title" when buying a new home. That means avoiding missing links in the chain of ownership.
What is a broken chain of Title? See if you can spot the broken link below:
Yes, you found it! From:
- John A to Mark O
- Mark O to David A
- Cherie J to David A
- David A to Josh
- Josh to Ling
In this case, must be a restructure of their finances (or ?). Checking further, on the property Survey, both of the names, David and Cherie, are listed. Note that the type of Deed is a Quit Claim Deed and the sale was considered "nominal" since it was between parties known to each other.
Actually in this case, we don't have a truly "broken" chain since we can account for every step along the way. Wherever there are shifts in the chain, Title Insurance a good option.
Title Insurance is a two-part option. The Mortgage Lender becomes insured for the money extended for the purchase and that is deducted at Closing. The Buyer must choose to pay Owner's Title Insurance at the Closing.
All the best - Lynn
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