September 26, 2016
Buying a House at Auction: Is It Worth It?
Alan Doran quoted on BeSmartee.com
Read OneTitle’s EVP and GC Alan Doran in an article by Laura Agadoni on BeSmartee.com:
Liens and Title Defects
You’re taking a risk when you buy a house and don’t know whether there’s a clear title. Maybe the proper paperwork was never filed, and someone will pop out of the woodwork claiming ownership. Another reason you want clear title is to ensure there are no liens against the property, such as a contractor’s lien or a second mortgage, which will then become your problem if you buy.
Alan Doran, Executive Vice President and General Counsel of OneTitle, says, ”Buyers can be obligated to purchase the property under the terms of the sale even if it is later discovered that the property is subject to undisclosed liens or other title defects.”
The workaround: ”Obtain a title search from a title insurer or abstract company,” says Doran.