Claims Stories: Be Skeptical of a Recently Recorded Quit Claim Deed

In our continued effort to keep our agents and escrow officers apprised of trends in the Title industry, our claims counsels and administrators have provided the following claim summaries.

It’s our goal to share these stories and help you avoid similar scenarios in the future. In this installment, we will focus on Quit Claim Deeds. Here’s how it played out:

Grab your magnifying glass, good lighting; learn to spot anomalies when verifying ID

But did those fake IDs actually work? Did they fool anyone? Maybe, or maybe not. Today’s fake IDs are fairly sophisticated and look very much like “the real thing.” However, there are still ways to spot a fake ID, whether or not the fake ID is simply false, altered, or even borrowed from another person. It is especially important to check a party’s ID when closing a real estate transaction because identity fraud is a crime that can result in enormous loss.

Missouri: Practical, useful benefits of correction deeds

Once a deed is recorded, it becomes part of the public record and cannot be changed. However, sometimes an error in the recorded deed is discovered by one of the parties.

Typical errors include misspelled or incomplete names, omission of a party’s marital status, or an incorrect or incomplete legal description of the property which is the subject of the deed. In such cases, the Trenton K. Bond public record can be amended by recording a correction deed.

Mechanic’s liens exception to the exception to the rule in Nevada

American author and humorist James Thurber once said, “There is no exception to the rule that every rule has an exception.”

Think about that for a minute. This truism manifests itself in Nevada, where there is an exception to the exception to the rule that determines a person’s interest in real property. Title professionals need to understand the rules and the exceptions to avoid exposing underwriters to unintended risks.

Conflicting demands for earnest money deposit? Do all you can to stay neutral

It has happened to you before. For one of numerous reasons, a party breaches and a transaction does not close. You notify the parties and forward cancellation documents. In response, the buyer and the seller make conflicting demands to release the earnest money deposit from the escrow account.

After you request that both the buyer and the seller agree to an escrow instruction to disburse in one way or another, they will not do so. Worse, both sides intensify their demands with calls to management and threats of litigation.

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