While grumbling over a make work project, I decided to smile instead......
Just got a call from a very nice lady who works for an attorney who is insuring title for a property WE insured last year.
Their title search revealed an unsatisfied mortgage from 1935.
ERgggghhhhh, hmmmm..........
Well, I said I'd have passed on a mortgage that old and she put me on hold.......
Nah, her boss thinks he'll have trouble getting title insurance with that unsatisfied mortgage.
So, instead of arguing that IT WAS 72 YEARS AGO and full searches in these parts only go back 60 years, I decided to be grateful that he had done a full search and was taking the title seriously.
I offered to process an indemnification letter for them and they were happy, so I am enjoying my coffee and pondering a new found appreciation for the attorneys who are learning to be title agents and are at least taking the high road. ;)
1 comment:
I'm not sure what Pa's old mortgage rule is (generally whatever the adverse possession period is following the maturity date of the note and/or mortgage), but an attorney should know that. Applying that rule to remove defects is basic title underwriting, and should not characterized as adopting business risk or casualty-type underwriting.
I would kindly decline it as an unnecessary indemnity request.
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