Re: sort of… - Posted by Rob FL
Posted by Rob FL on February 19, 2001 at 11:45:40:
It’s certainly not a bad idea to have at minimum a title search performed on every deal. Personally, I don’t purchase title insurance on most of my “subject to” deals because in those scenarios the seller is basically walking away without paying any closing costs and I am not in the mood to fork about $400-600 for a title policy when I know the title is clear.
With judgments/liens against a person with the same name, these become what is known as a “cloud” on the title. They are not liens against the title, but they raise a doubt about the marketability of the title. In other words, they must be dealt with somehow if you ever want to sell or refinance the property down the road. Nobody except the seller and maybe you knows for sure if those judgments/liens are against the seller or not. That is why the title company requires a non-identity affidavit to clear the judgments/liens off of the title.