 | Jeff Otto is Branch Manager of Lawyers Title Insurance Corporation which is a member of LandAmerica Financial Group, Inc., a premier national provider of title insurance and settlement services. Lawyers Title has been in the local marketplace since 1955. Jeff has been with Lawyers Title for 34 years, the last 24 right here in Wichita. You may contact Jeff at (316) 682-9600 x 201 or by e-mail at jotto@landam.com |
Real Estate
2005-04-01 09:21:00
Is our family land at risk?
: Our family has owned a piece of farmland (320 acres) out west of Wichita for nearly 80 years. It was sold by my great grandfather to my grandfather; then from grandfather to my father; then a couple of years ago from my father to me and my husband (who is my father's son-in-law).None of these transactions ever went through a title company. The new owner always just filed things with the courthouse to get the taxes right. Are we at any risk or liability?
ANSWER: This situation happens quite often in the rural parts of the county and the state. The family farm land stays in the family passing from one family member to the next either by deed or inheritance. Generally speaking, there probably isn't any need to have a title policy issued on these transactions. The exception would be in the case of an actual sale from one family member to another family member which also involved outside institutional financing. In either case a simple search of the title to the property should be performed to make sure there a are no surprises lurking out there. Unpaid bills may end-up as a lien against the property. Documents may get recorded with improper property descriptions creating a cloud upon the title to your property. Forged documents may get recorded purporting to convey or encumber your property. Loans that have been repaid may not have been released as to the property. The entire title to the property may not be in the name of the family member attempting to convey the property. A simple title search may reveal any of these problems. Whenever property is transferred, whether by deed or inheritance, you should retain agood real estate attorney. He or she will order the necessary title searches to make sure the transfer is properly accomplished.
