All Forum Posts by: Phil Z.

I am reading through schedule B of a title commitment. The general exceptions are listed below. People often talk about the importance of title insurance, and citing examples of an unpaid contractor placing a new lien, or an unrecorded IRS lien. My question is that based on my reading of the general exceptions below, the standard title insurance does not seem to provide coverage for these matters. Is my understanding correct?


General exceptions:

Rights or claims of parties in possession not shown by the public records.

Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey

Easements, or claims of easements, not shown by the public records.

Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records:

Taxes or special assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices to such proceedings, whether or not shown by the records of such agency or by the public

I agree, Chris. which is what prompted my question: why it seems to be the norm to transfer/assign a CFD with the seller of CFD executing a quitclaim deed?

Just reading through this thread, and have a follow up question. So it is stated above that the buyer of a CFD receives two documents: Assignment of Note and a Quit Claim Deed. Assuming the borrower pays off the CFD a few years down the road, what would be the type of deed which the CFＤ holder can transfer to the borrower? Imagine the borrower would need a General Warranty Deed, how would the CFD holder provide that as he had received a Quit Claim Deed when he acquired the asset and the contract？

Sorry if this is a newbie question and that I am missing something obvious.

@John Minerick, I mean forms such as this below for Washington State, for example

Generally speaking, for FSBO, can the buyers and sellers just use the standard MLS form for the applicable state, and simply cross out parts of the contract which deal with agency, etc?

Just a follow up to Bob's post above about buying three REO lots via QCD without title insurance, and subsequently selling the lots with full warranty deed with title insurance. In this case, if there is a challenge to the title, the current owner (the buyer) of the lots can look to his title insuance company for defense. Then by the rule of subrogation, the owner's title insurance company can sue the seller to recoupe the loss stemming from the claim. Since the seller, during his ownership, never had a title insurance with him being the insured. Is this correct?

Originally posted by @Troy Fisher:

Personal Research from 2006-2009. Unfortunately I moved away to Las Vegas after 2009 auction and haven't been back.

I was thinking about heading out there this year, but I wouldn't have time or the boots on the ground to investigate the properties. If its even worth the time.

 A follow up question to Troy Fisher's comments from two years ago. Is there a place where I can find property transaction record of past tax foreclosure auctions at King County?