Posted by lukeNC on March 16, 2006 at 17:16:56:
yep it has to say it here…
I had to spend $11k for an attorney to fix up one of these some years ago. I bought a half interest in a house that just had “joint tenants” on the deed. The other tenant/owner had died. No title insurer would insure title to my buyer.
Thats when I learned that anytime you deal with partials, do whatever the title insurer says to do. They couldnt determine “in common” or “right of survivorship”.
Ended up finding the heirs and paying them off $15k, paying $11k for my attorneys fees. I still made $20k when all was said and done but I was hot about that.
too many frivolous suits I guess…title insurers are trying to minimize losses.