I have a friend who is going through the below dilemma right now.
Sam knew when he got the lot that there was a dirt driveway at the edge of his lot that lead to a home (owned by we'll say Scott) behind his lot. What he did not know until this month is that there is a 50' easement across his lot. There had been 2 different title searches done by 2 different attorneys -- both missed this easement.
We will call the friend, Sam. Sam bought a lot -- he did not get owner's title insurance. Later, Sam built a home on the lot. The lender required lender's title insurance, but Sam did not purchase owner's title insurance.
Sam knew when he got the lot that there was a dirt driveway at the edge of his lot that lead to a home (owned by we'll say Scott) behind his lot. What he did not know until this month is that there is a 50' easement across his lot. There had been 2 different title searches done by 2 different attorneys -- both missed this easement.Please watch the video for full details.
Had Sam purchased owner's title insurance, he would be protected. But since he didn't, he is out in the cold. He will never be able to sell his house or certainly not ever get his value out of it.
I know I sound like a broker record, but every purchaser needs owner's title insurance.
Liz Loadholt
Broker, SC Certified Trainer, Relocation Director
Co-founder of AgentOwned Realty ]
Co-founder of AgentOwned Realty ]
Liz@AgentOwned.com
843-725-5007
The AgentOwned Realty serves your real estate needs for:
Charleston, Johns Island, James Island, Mt. Pleasant,
Isle of Palms, Sullivan's Island, Daniel Island, North Charleston,
Summerville,Goose Creek, Moncks Corner, Santee, Manning, Sumter, Florence, & Myrtle Beach, all in South Carolina
Isle of Palms, Sullivan's Island, Daniel Island, North Charleston,
Summerville,Goose Creek, Moncks Corner, Santee, Manning, Sumter, Florence, & Myrtle Beach, all in South Carolina
You need something more than a hunch or a crystal ball to come up with the magic number that will attract offers on your home. You need an analysis that will give you a well-focused snapshot of what is happening in your building or neighborhood - right now.
There was a FSBO (for sale by Owner) sign on an ocean front lot on the Isle of Palms. Potential purchasers (we will call them, the Browns) called on the lot and discovered that they were only asking $500,000 when all other ocean front lots were going for pretty close to $1,000,000. The Browns got really excited- asked the "sellers" why it was being sold so low and the Browns were told that they had financial difficulty, so needed to dump the lot. The Browns wrote a cash offer to close quickly --- they did not want to miss the great opportunity.
As I have said, every purchaser needs owner's title insurance. If the purchasers are financing the property, the lender is going to require Lender's title insurance. I tell buyers all the time, "Hello!!! why do you think the lenders require title insurance?"