Tuesday, February 2, 2010

I thought she owned the house......


Everyone has questions how this could have happened. It seems that the decedent deeded the property to her step-daughter and one other person then took back a life estate. The attorney AND two lenders were unaware of this. The attorney worked on the estate and the lenders lent. AND SHE DIDN"T OWN THE HOUSE!!!!!
It seems the first lender didn't read their title report, WHOW!, and the second lender trusted the first lenders title report. Can you say somebody's in big trouble?
Why did all of this come to the surface? The realtor, that would be me, ran a preliminary title report and, hold your horses, READ it! The decedent was not the owner of record.

After further research it seems one of the owners deeded part of the house back to the decedent. Front part, backyard??? Ha, ha. All parties are scrambling and keeping their powder dry for the inevitable court battle.

To be continued............