URGENT!! TITLE IS NOT CLEAN....

[Jennifer Wang]

Hi Guys,

I made an offer around 2 month ago, now it's almost time to close, but TITLE company find out there's a loan near $10,000 doens't have record since 1985, although it has been transfered between 2 or 3 different owners(no body clean it). I understand maybe there's no actually loan issue for this, but I will take risk. Now it's amost to be closed, I need to make decesion fast.My questions is:

1.Did anybody met this situation ever? Do you suggest me to take this property(good return)? 

2.If I buy title insurance, would insurance can cover any loss arising from that old mortgage? 

3. If we file a quiet title action as clear title, how long and how much will cost?

Thanks a lot!!