It seems most every one now a days is looking for ways to make and save money and when it comes to real estate, a lot of "stinky titles" are being created in the name of cutting the cost of buying/selling real property.
I hear: " It's a cheap property, only $15,000 and I don't want to pay any closing costs"
I say: "Do you have $15,000 to throw away?"
They say: "Of course not. Why?"
I say: "Because the title to this property may be encumbered more than $15,000 and if you accept a quit claim deed for acquiring this title, you will get the property PLUS all of the liens, taxes and encumbrances and do you know if it has an insurable marketable title history?"
They say" Oh my gosh!"
Most of the time, they decide to do it the "right "way with a title exam, escrow closing ET all and have peace of mind with the purchase...... and........
Sometimes, THEY DON"T! < good luck with that!
Wednesday, August 25, 2010
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