When a surveyor of land puts: the tract will not close to deed dimensions, can a title company issue title insurance without having the discrepancy cleared?
State/Country relating to question: New Mexico
I have pulled all surveys and deeds to the affected properties. If the first property is affected, so are all of the adjacent properties when new surveys are done by the same surveyor.
Thank you for your question.Generally speaking since there is such direct cloud on title, the title company will either not issue title insurance, or what they may do is disclose the discrepancy directly, and then provide a rider to the policy where they expressly deny coverage to any liability that may occur from that discrepancy. In essence they disclose the defect but they would then refuse to cover any costs of litigation or other coverage should the discrepancy not be able to be repaired.Good luck.
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So, as such, does the buyer accepting the discrepancy have any responsibility in that acceptance, other than curing the problem himself? In other words, does the buyers acceptance of the problem create any barriers of defense to the problem?
Thank you for your follow-up.The buyer, by accepting the title 'As-is', becomes wholly and solely responsible for repairing THAT specific defect on title. The reason is because the buyer was under notice, and he consented by choice to take imperfect title on the property. The buyer's acceptance would preclude him from later filing against the title company or the seller for that specific defect. Other defects, if unknown and found later, would still be able to be pursued.Good luck.Dimitry Esquire41091.8414972222
Licensed in PA & NJ , specialize in business/contract disputes, immigration, estate creation & admin
If a surveyor has done multiple surveys on properties that border each other and the surveys do not match each other, or the deed dimensions, how can a title company ignore these blatant mistakes?
If the title company expressly placed a rider in place which removes liability from them over such possible mistakes and discrepancies, they are permitted to 'ignore' such defects. But it may well be that they only did one survey, found one answer, and let it go at that.Good luck.Dimitry Esquire41091.8558678241
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