"The unit owners, in the normal course, would have purchased title insurance at the time at which they bought their units," said Riley, who is not involved in the case. "This would insure against a situation where their rights might be jeopardized by prior interests."
Riley said that National City and Richland Properties have a right to collect on Link Development's unpaid bills, even through measures like this -- that could force the condo owners out of their homes. "Those companies are exercising remedies that are provided for in the law," he said. Lower Burrell attorney Gino Peluso said the situation facing the condo owners boggles his mind.
"I couldn't understand how this was happening," he said, "unless (the owners) didn't go through a standard closing. It seems grossly unfair. How can you do that to somebody who's paying the mortgage on their property?"
Tuesday, April 01, 2008
If you are wondering whether or not to buy OWNER title insurance coverage,
here's yet another example of homeownership at risk. Only those individuals who have purchased their own title insurance will have protection in this case. Here's a blurb: