Show HOME NOME BUYER j Wa CLINIC By Robert J. J Jay President American Land Title Tille Association PROTECTING OWNERSHIP In this nation real estate ownership is protected by a well established body of laws The related legal system is important to the protection of rights that you and others have in property Before you buy a home its it's wise to safeguard against possible claims by others whose alleged rights are still outstanding against the real property Here is an actual example of what can happen Shortly after af af- aeter after ter completing 7 his transaction Jay ay lion tion a buyer in Michigan was surprised to receive notice that a paving assessment levied some time before his purchase had not been paid This assessment became a lien and a charge against the real estate for its entire amount at time of or spreading on the tax rolls rolls rolls- although it was only due and payable over 10 equal installments install install- ments Although the assessment assess assess- assessment ment was on the tax rolls well before this buyer acquired the real estate the lien nonetheless nonetheless none none- was valid and threatened threatened threatened threat threat- ened the security of or his own own- In a subsequent investigation tion it was determined that the paving assessment could not have been found earlier because it was incorrectly entered entered en en- in the public records Fortunately the buyer had obtained owners owner's title insurance insurance insurance in in- before completing his real estate purchase Under the protection of his owners owner's policy polley such an assessment was waa covered and the lien was paid to clear his title and spare him financial loss Learning the facts on the purchase of real estate in advance advance advance ad ad- vance is well worth the effort For free information on the subject write American Land Title Association Pox Washington DC D.C. |