Story shared by Marcos Aguilar, Westcor Land Title Insurance Co.
I will share a claim story that, but for title insurance, would have been costly for the parties involved.
When I worked in claims, I had a claim come in from a homeowner in California. The property was a vacation home that they had not visited for several months. They received notification from the county that their home had been sold, as is typical on any transaction in California. The only problem — they had not sold their home. Fortunately, they had a Homeowner’s Policy of Title Insurance, which protects against post-policy fraud and forgery. We accepted the claim and pursued a court action to have the fraudulent deed expunged from the record and quieting the title back in the original homeowner.
On the other side of the transaction, the buyer who “took title” under the fraudulent deed also purchased a title insurance policy. Because the deed was fraudulent, and clearly conveyed no interest in the property, we paid the buyer the purchase price of $400,000.00 that they otherwise would have lost had they simply obtained an attorney opinion letter.
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