As previously stated, with numerous residential properties in foreclosure and default, in the State of Georgia, there are a great 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 third most common error that continues to cause increased claims:
Missing Interest Issues – These types of claims generally involve a situation where the residential property is owned by two entities but only one of them signed the necessary documents. The most common type of claim associated with this error is a missing party on a Security Deed and it generally arises at the pre-foreclosure stage. Please make sure to compare the parties on your Security Deed to the parties shown on your vesting deed or deeds. If the lender’s closing instructions require that only one party sign the loan documents, you either need to require a deed from the non-borrowing entity to vest title solely in the borrower, or mandate that the non-borrowing entity execute all of the documents.
If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Alpharetta Title & Closing, LLC, at 866-752-4445.
