 | 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
2005-08-01 08:22:00
What does a recorded deed mean?
: If I can find the deed to my home in the record room at the courthouse, does that not mean that I own my home that I paid for?
ANSWER: Lots of folks have thought so…however, it is only evidence that you have taken over whatever rights the grantor had in the property. If, as an example, the deed to the grantor deeding to you was forged, and as a result, the grantor had no rights, then the grantor could not legally pass any property rights on to you. The grantor might, as another example, have made the driveway on the property a joint driveway by giving the next door neighbor the right to use it. In that case, he couldn't pass sole ownership of the driveway to you, no matter what the deed says. The recorded deed is public notice that you have taken over whatever rights the seller may have had in the property. Or may not have had in the property!The question has been raised as to whether title insurance as important as fire insurance? The answer is a resounding yes, because your losses without title insurance can be lots greater than fire losses. If a house burns, the land is still there on which you may rebuild. The basement walls are normally still there from which to erect your new home. The fences, outbuildings, trees, etc. are normally still there after a fire. But, if title to the property fails, you have nothing. This is why an owner's title insurance policy is always written to cover the value of the house and the site. Although title insurance cannot eliminate title defects any more than fire insurance eliminates fire, your title insurance policy assures you of the best possible legal defense if your title is attacked and reimburses you up to the face amount of the policy if the title, or any part of it, should fail. When you buy a home and protect it with title insurance, and in the event someone should challenge your ownership of the property five or ten years after purchase, what should you do? You notify the title insurance company and, in accordance with the terms of the policy, it undertakes, at its expense, to defend the title. If the claim reaches the courts, the title insurance company retains attorneys and bears all the expense of defending the suit. This is true regardless of your period of ownership, whether it be a day or a year, or many years…more next month…
