This article will discuss the “hidden title defects” that can be found in a title insurance commitment. These hidden title defects pose a serious danger to you, as the selling Realtor®, because a buyer harmed by these defects can seek to sue you and your broker to recover the buyer’s losses from the defect. A.
USING PRELIMINARY TITLE SEARCHES TO DECIDE WHEN TO TAKE LISTINGS OR MAKE OFFERS ON SHORT-SALE PROPERTIES With so many sellers owing more on their mortgage loans than their properties are worth, and with buyers looking for good deals on distressed properties, most Realtors® find themselves facing short-sale situations—either from short-sale sellers looking to sign a listing agreement with them,.
This article covers the legal aspects of purchasing a home from a buyer’s and a selling Realtor’s® perspective in a down housing market when sellers are involved in short sales or foreclosures of their homes. Thus, this article provides some legal points and the practical aspects for buyers and their Realtors® to consider in purchasing.