Insuring Title Acquired by a Tax Deed

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Tax Sale

Generally speaking, underwriters of title insurance will require one of the following to insure a transaction coming out of a tax sale:

1. The tax deed holder must file a Quiet Title Action and let the appeal process run out; or

2. The prior owner (who lost the property) must Quit Claim their interest in the property to the tax deed holder.

If a cloud on the chain of title shows a tax deed, it must be at least 20 years old to consider insuring over it.

Note: No legal advice or suggestions are being given as to the preferred or recommended way to handle. We would consult with our underwriting council to seek approval prior to insuring. The above is an excerpt only from an Underwriting Manual.

 


Vesting or Taking Title on Deeds

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Multiple Party Deed

A few ways in which more than one party may hold title are as follows:

Tenants by the Entirety:  Only a husband and wife may hold title in this manner.  Provided the couple remains continuously married, the surviving spouse becomes the 100% owner of the property upon the death of their spouse.

Tenants in Common:  Title can be held by two or more individuals or legal entities in equal or unequal percentages.  Upon the death of one of the owners, their interest passes under the term of their will and not automatically to the other people with whom they are in title.

Joint Tenants with Rights of Survivorship:  Title must be held in equal interests (ie:  50/50 or 25/25/25/25) by individuals.  Title passes automatically to the co-owners upon the death of any owner.

Life Estate with Remainder Interest:  Title passes automatically to the holder of the remainder interest upon the death of the holder of the life estate interest.

Note:  No legal advice or suggestions are being given as to the preferable or recommended way to hold title.  Consult with an attorney prior to deciding how to hold title.  The above is an excerpt only from an Underwriting Manual.

What is a Special Warranty Deed? – -Access Title Agency, Naples, Florida

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Special Warranty Deed

A special warranty deed is more limiting than the commonly used warranty deed in real estate transactions.  The grantor (seller) in a special warranty deed warrants the title against any defect which occurred during the time period that it held title.  The warranty does not include defects which occurred prior to the time that it acquired title.  The grantor is effectively saying he is transferring title in the exact same condition that he received it thereby limiting any obligation to defend the title prior to grantor’s ownership. 

These deeds are typically used by lender after they acquired title in a foreclosure and by developers and are frequently written into the contract as being the deed that will be used.

Note:  No legal advice or suggestions are being given as to the preferred or recommended type of deed.  Consult with your legal advisor before accepting such deeds and contact Access Title Agency to ensure that your deed is insurable.  The above is an excerpt only from an Underwriting Manual.

Access Title Agency is located in Naples, Florida, and services the Collier and Lee County markets, in addition to all of Florida.