Recently
Tucker's Tips encountered a closing situation where the REO selling bank had
prepared the new deed based on the deed description from three owners
prior! Needless to say, the "Being" clause and the deed were
completely wrong. In this case Settlement was not delayed because the
closing paralegal on the purchaser's side spotted the discrepancy while
reviewing the proposed deed and comparing it to the property description in the
title work and binder. (Had the purchaser selected the bank's settlement
agent, this error would have gone undiscovered as the bank's settlement agent
prepared the incorrect deed.)
Remember,
the REO seller's offer of "free" title insurance is not really
"free", as it requires using the REO's choice in settlement agency
which can create a whole host of unnecessary problems.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville & Lake Monticello
434-973-7474
www.TGBLaw.com
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
Tucker Griffin Barnes P.C.
Charlottesville & Lake Monticello
434-973-7474
www.TGBLaw.com
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