Statistics prove that over 36% of all title opinions have an unexpected title problem that needs to be resolved – up from 25% in 2000, and climbing!
Title issues can be anything from recording errors of names, addresses or legal descriptions of the property to someone else’s deed/mortgage ‘clouding’ your title – meaning the legal on their recorded document is incorporating all or part of your legal description. Prior unpaid child/spousal support and unresolved judgments are just a few other title issues that arise – and need to be resolved prior to closing.
That’s one out of every 3 title opinions that are going to need additional work done to clear title, & some, unfortunately, have nothing to do with anything you had any control over.
Information borrowed from Article in IA Title Company’s Oct/Nov 2006 Newsletter/Abstractor & Title Agent Operations Survey