NLIC.org

Carol Said:

What Insurance Company Will Cover a Rebuilt Title In NC?

We Answered:

Few if any insurance companies will cover a vehicle with a salvage or rebuild title. The few that will cover you won't give you anything beyond liability.

Theodore Said:

How do mobile home title bonds work?

We Answered:

If you buy a bond through a bonding company and there is a lien they lose the bond money, you keep the trailer. You're paying them to assume that risk. After 1-3 years (depending on which state) if there are no claims the bond is released and you get a clear original title. You don't get any money back from the bonding company. During that time you have a bonded title but that allows you to do anything you want to the trailer including selling it.

As an alternative to buying a bond the state will let you know how much you need to put up in cash or other appraised property. At the end of the waiting period if there are no claims you get all your money back and the states lien on any property you pledged is released. Of course if there are claims against the property you might lose your entire bond.

Lynn Said:

Title insurance claims?

We Answered:

Just to re-cap

1) you have been paying assessed taxes on what you believed was your part of a "private" road;
2) city manager says you don't own it but they are taking eminent domain to develop the land at the end of the road.

The fact that the city manager states they have to invoke eminent domain proves they know that they do not currently own it! The definition of eminent domain from Wikipedia:

"Eminent domain (United States), compulsory purchase (United Kingdom, New Zealand, Ireland), resumption/compulsory acquisition (Australia) or expropriation (South Africa and Canada) in common law legal systems is the inherent power of the state to seize a citizen's private property, expropriate property, or seize a citizen's rights in property with due monetary compensation, but without the owner's consent. The property is taken either for government use or by delegation to third parties who will devote it to public or civic use or, in some cases, economic development. The most common uses of property taken by eminent domain are for public utilities, highways, and railroads.[citation needed] Some jurisdictions require that the government body offer to purchase the property before resorting to the use of eminent domain."

So the question then will be how much will they give you in compensation. I would immediately hire an attorney to assist you with the negotiations including have an independent appraisal done of the value of the property. My best advice hire an attorney that specializes in real estate. Check with the local realtors association for recommendations on local attorneys. Usually your first consultation is free. Make sure that you bring your title insurance in, any correspondence wherein the city is exerting their claim, your purchase contract, any property descriptions you were given, results of any and all inspections of the property including your survey and all of your settlement documents to the appointment.

If the city still insists that they already own it and do not owe you anything, then yes your title insurance should cover this and you will also need to put them on notice. However, it would seem to me that the city cannot have it both ways, i.e. have been collecting taxes on something that you did not own.

In short hire an attorney and file notice with the Title Insurance Company asap.

I hope this helps. Good Luck!

FYI to your other poster: I would refrain from judging agents since you do not know what their area of expertise is.

Joe Said:

My title company did not disclose restrictions on our property.?

We Answered:

Absolutely - file a claim as soon as possible. The title company missing a restriction is not altogether rare - a lot of times their database is not as updated as it should be, and something either slips through the cracks, or a recent restriction is not caught. Still unsure as to how it was recorded but they didn't find it during their initial search. Was it a recent restriction? If so, that could explain it.

However, since they did not find it, it should not be included as an exception to the title commitment. File your claim ASAP.

Martin Said:

Legal question regarding title insurance?

We Answered:

No, you cannot be forced to sell your property. If you go to court, you can make him remove his structure, or at least the part of it that is on YOUR land.