What is an uninsured Deed:this question was asked from me the other day
The question was asked from me the other day: What is an uninsured deed?
The simple answer is when a deed is recorded without any owner’s policy of title insurance! This generally occurs when family members pass properties on to other family members with a Quitclaim Deed or they add a co-borrower on.
Why should this be a concern? Well the answer is simple. I will use as an example my closing of the other day. The property was in bankruptcy and the seller took back the deed but without doing any title insurance. Next thing you know is we were looking at The LLC Documents, then who was authorized to sign do documents any way I could go on and on.
So the simplest way to see what an uninsured deed look like is when there is no title company or title order number, no escrow number showing g on the document and then the clears way is that it is handwritten document. Finally if that did not catch your attention, then look for the time it was recorded and it was NOT 8:00 am in the morning. Clearly it was not insuredJ
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