Buying a Property but we cant find someone on title!

[Luke Tamez]

So I'm under contract on a lot purchase but the seller did the deed incorrectly from the owner before them and it needs to be corrected before we can close so that title can insure the property..... Well we've had to extend twice because no one has been able to get in touch with this guy.  I'm wondering what we should even do now.  Title told me without this guys signature they cant insure the lot.  Should we keep trying or just move on and quit wasting time.  Has anyone else been in this situation / what advise would yall give. 

[Ken M.]

Quote from @Luke Tamez:

So I'm under contract on a lot purchase but the seller did the deed incorrectly from the owner before them and it needs to be corrected before we can close so that title can insure the property..... Well we've had to extend twice because no one has been able to get in touch with this guy.  I'm wondering what we should even do now.  Title told me without this guys signature they cant insure the lot.  Should we keep trying or just move on and quit wasting time.  Has anyone else been in this situation / what advise would yall give. 

Since I don't know what the issue really is, it's hard to guess the solution. Titles get minor corrections all of the time. Are you reasonably certain the seller to your seller had the right to sell the land?

It may not be as big of a problem as it seems. The worry should be that the previous owner or an heir would pop up out of nowhere and file a claim of ownership. How likely is that to happen? If they can't be found, it's hard to believe that person would show up one day to claim the land. Your seller is likely closing with a Warranty Deed to you that they will defend their sale to you in the event that happens. Possession is 90% of ownership (the point is, it's a lot harder for someone to prove the property should not have been sold to you, than you might think).

If you fulfill the adversarial possession requirements, the problem goes away eventually anyway. 

You could do a land contract until the title issue is resolved (ask your attorney or closing agent)

If the sale between them was years & years ago, it is unlikely. If it was in the last year, it's a little riskier. If the amount of  money involved is small, it's probably not worth worrying about the missing seller. If it's expensive land, it's a little riskier. 
 

You have to ask yourself, how much is at risk, what do I plan to do with this property, is there a better apparent opportunity I am leaving behind if I go forward with this one.