Please Help !!! trying to understand Title Insurance
Hi All,
I singed a contract last week on buying a lot of land. When I was talking about it the guy who flipped it to me told me that previous buyer backed out because previous buyer could not get title insurance from the title company.
what I was told:
Property has two heirs one of whom is dead and second one they tried to track down but could not find it him.
Property is coming with warranty deed.
We agreed to close via lawyer who would do all the paper work and filing.
I was told that I would not be able to get title insurance because exact same thing would happen to me as to the previous buyer. He also showed me the paper work on title search and sure enough there was 2 hits.
I tried reading online as to if this is still ok or not but thought maybe I should ask someone as well, I would appreciate any feedback.
Thank you