Presentation on theme: "REAL ESTATE TRANSACTIONS METHODS OF TITLE ASSURANCE Professor Robert J. Weiler October 3, 2012 Presented by James Havens Havens Limited 141 E. Town Street."— Presentation transcript:
REAL ESTATE TRANSACTIONS METHODS OF TITLE ASSURANCE Professor Robert J. Weiler October 3, 2012 Presented by James Havens Havens Limited 141 E. Town Street Suite 200 Columbus, Ohio 43215 614-228-6888 Fax: 614-228-6878 Email: email@example.com@havenslimited.com
Alan Greenspan “Laws protecting & securing property rights directly responsible for a 7 fold increase in the standard of living since 1900.” Why: Individuals risk effort. Lenders & Investors risk capital.
My Background Real Estate Litigation Transaction Cardinal Title Commercial & Title Escrow Real Estate Project Development Real Estate Management
OUTLINE OF DISCUSSION 1. Real Estate Contract 2. Why A Recording System? 3. What Is A Title Search? 4. Why Do We Use Title Insurance? 5. How Do We Handle “Off Record” Title Matters
9. EVIDENCE OF TITLE: Seller shall furnish and pay for an owner’s title insurance commitment and policy…. And shall show in Seller marketable title in fee simple and clear of all liens and encumbrances except: covenants, restrictions, conditions and easements of record that do not unreasonably interfere with present lawful use….
THE RECORDING SYSTEM AND WARRANTIES OF TITLE 1. First in time; first in line 2. Marketable Title Act 3. The indexing system - See #3 4. The undesirability of personal warranties
OFF RECORD TITLE MATTERS See #4 1. Future taxes and assessments 2. Mechanic’s liens 3. Unrecorded interests (options, leases) 4. Survey 5. Mental/legal capacity
PRE-TITLE INSURANCE, ABSTRACTS AND ATTORNEY’S OPINION 1. Creditworthiness of the signatory 2. Review of cumbersome historical information 3. Market forces and title insurance