Title Issues Increasing
Title problems were found in 36% of all residential real estate transactions in 2005 — up from 25% in 2000. That is the finding from the “Abstracter and Title Agent Operations Survey” conducted by the American Land Title Association (ALTA).
The three biggest problems dealt with:
(1) obtaining releases and/or obtaining pay-offs for discovered liens, such as prior or existing first or second mortgages, unpaid child and spousal support, outstanding taxes, and other judgments against the property;
(2) obtaining releases for assignment on deeds of trust/and or mortgages; and
(3) recording errors of names, addresses, or legal descriptions of the property