CLAIM TRENDS IN COMMERCIAL AND INDUSTRIAL TITLE INSURANCE (1 of 4)

With thousands of Commercial and Industrial properties in default and foreclosure in the State of Georgia, there are a tremendous number of title issues that must be cleared prior to the subsequent resale, or re-finance of these properties. Some of these issues will result in title insurance claims and following is the most common error that continues to cause increased claims:

Legal Description Errors – We are still seeing great number of claims relating to legal description errors including missing, incomplete, and entirely incorrect legal descriptions, also including less and excepted parcels. With technology, it is extremely easy to cut and paste the legal description from one part of the file to another, but it is also extremely easy to forget to cut and paste that same legal description. You must always compare the legal description on your current documents to the vesting deed. If the owning entity acquired the property in multiple transactions, you must make sure that you are conveying or encumbering ALL of the subject property.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

About Sam Paxin

Sebastian Sam Paxin has over 20 years experience and is one of the most trusted names in GA Real Estate Law.

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