By all accounts, this year’s seminar was quite a success and boy, did it give us something to talk about! From Justice Pleicones’ witty and insightful discussion of recent real estate cases to news of upcoming regulatory changes and data calls to emerging trends in residential and commercial transactions, this Annual Seminar was packed full with great practice tips.
With so much information, it was a lot to take in at once. Here are some of the title tips that were in the spotlight:
If a lender asks you to modify an existing policy, determine whether there is a new note, i.e. a new debt. If so, issue a new policy, rather than an endorsement, and be sure to check for intervening lienholders that might affect the priority of the original mortgage. Please contact the SC Office if asked to endorse a policy.
Judgments may have “active energy” after its 10 year expiration if there has been any action to enforce the judgment within that 10 year period. Be sure to search for any supplemental proceedings!
When quieting a title to heir property, you must first dispel the myths. Thereafter, you should conduct a full title search, begin making a chart of heirs, dispel the myths again, begin drafting the pleadings, arrange for a Guardian ad Litem, and again dispel the myths you already dispelled twice before.
With all the recent changes, if you are insuring a REO/foreclosure/deed in lieu property, please review recent Investors Title memos to stay up-to-date on the most current underwriting requirements.
If a client wants to take advantage of economic incentives when acquiring property, they must do so before signing a letter of intent or contract to purchase.
If issuing an ALTA 9 endorsement, be sure to take specific – not blanket – exceptions as to covenants and restrictions, easements, encroachments and matters shown on surveys.
When underwriting access for a property, be sure that the property abuts a publicly dedicated roadway and not just a publicly maintained roadway. If the property has access through an easement, be sure to search the property giving as well as receiving the benefit of the easement and review the easement granting document to be sure the easement you are insuring is valid.
Check with the municipality where the property is located for any pending municipal liens. These tend to surface with distressed/REO/foreclosure properties.
After the Matrix and Coffey cases, if insuring a mortgage, mortgage modification or future advance, confirm that a licensed S.C. attorney supervised each step of the transaction as required by Doe Law Firm v Richardson. Otherwise, you may be insuring an invalid instrument.
These are but a few of the timely and relevant topics covered by our talented speakers. For more title tricks of the trade, be sure to check out our iUniversity Training calendar in this newsletter!
To see the complete issue of this and previous editions of Goose News, click on the following link: http://sc.invtitle.com/training_courses/index.php