Updated 2 months ago on . Most recent reply
Title Insurance Claim Questions
I am filing my first Title Insurance claim this week. I purchased a property that was "Tenant Occupied". I got the property at a discount cause they didn't want to deal with the eviction. Turned out not to be the truth. The person in the house is the ex wife of the sellers boyfriend. Their divorce decree that was on title was expired so we have a clean chain of title and technically own the property. Issue is that there was a mystery extension that was signed so that she could live in the house indefinity but that was never filed. It was signed at a reputable attorneys office in town and they have admitted their mistake. Sounds like there is also some fraud between the ex husband and the girlfriend with a shady quick claim deed. Long story I know.
Questions I have:
1. How long does the process take to get this title insurance claim wrapped up?
2. I have a hard money loan on the property (I have already informed them of the issues) will I be reimbursed for the losses i have in making payments during this process? Or just the purchase price?
3. Any advice for moving forward?