Do you consider a title policy a public record?

[Tim Hicks (Texas)]

I may have misinterpreted. Need the OP to clarify the various names. Are Xxxx Xxxx Xxxxxx and Xxxx X Xxxxxx the same with just the middle name spelled out in the first instance

I didn't realize I did not hit all the x's.

 

[sputnam]

That would be an interesting turn of events but don't find that statement in the post.

Dates matter. Just look at the deed for the property that was of record on the effective date of the appraisal. Don't know about everywhere.. but here, it's a matter of a few minutes on the computer. Of course, every appraiser decides for themself.... my work files always have a copy of the current and previous deed.

 

[Zoe]

Dates matter. Just look at the deed for the property that was of record on the effective date of the appraisal. Don't know about everywhere.. but here, it's a matter of a few minutes on the computer. Of course, every appraiser decides for themself.... my work files always have a copy of the current and previous deed.

That's fine. The title opinion is taking responsibility for title issues and why title insurance is required.

If it hasn't closed yet, the lender (your client) will have a copy of the title opinion before they record their mortgage on the subject.

 

[Zoe]

Different situation if no title insurance or title opinion is provided by your client. Then you pretty much have to go with public records.

 

[Zoe]

I ask this because I had a SAR ask me the change the owner of public record. Their title policy had a very long owner name "Xxxxx Xxxxxxx Xxxxxx, indepdendent executor of the estate of Xxxx Xxxx Xxxxxx, deceased per title.

They wanted me to put that on the owner of public record line. It does fit first of all. Second of all, the sales contract stated the owner name was Xxxx X Xxxxxx and the tax records indicated the owner of record as Xxxx X Xxxxxx, so that is what I had on the appraisal report for owner of public record.

Then I asked MSN copilot:


Copilot Answer



Not public records
https://www.bing.com/ck/a?!&&p=c6b3...jeSBjb25zaWRlcmVkIGEgcHVibGljIHJlY29yZA&ntb=1
Title insurance policies are not public records. They are a one-time premium paid at closing to provide protection to property owners and their heirs for as long as they own the property. The title insurance policy is based on an examination of public records to determine and confirm legal ownership and to ensure that no defects or conflicts could negatively affect the homeowner in the future. However, the details of individual title insurance policies are not publicly accessible.
https://www.bing.com/ck/a?!&&p=018a...yY2VzL3doYXQtaXMtdGl0bGUtaW5zdXJhbmNlLw&ntb=1
Am I just being my usual jerk appraiser by telling them that what I have as the owner of public record is correct. I told them I would gladly change it when they had the sales contract changed and the tax records changed.

Sir, in your case, do what the SAR said. FYI. I like you boy.

 

[Tom D]

True, but you would think the sales contract would have this information. I had no idea the owner was deceased. So, I always confirm the owner of record with the sales contract and the online county tax records, not Realist.

Well, it wasn't their signature on that agreement, or you didn't notice. Which most of us don't look at. Always have seen estate of, maybe it was written by a civilian not knowing that correct way.

Are some of you not understanding this post. The owner died, once the owner died the executor is theoretically the owner/controller of the property. Lenders like the agreement to match the appraisal.
So go ahead and fight them. So picking up that it's an estate would still make you put only the dead owner's name on. So much for analysising the ownership. But that's a business decision.

Putting estate of xxxx, you still have the owner's name and a caveat about the present situation. You have now done an analysis of the agreement of sale, as stated on the report.

 

[Vermonter]

Lenders like the agreement to match the appraisal.

That's a lender problem. The form doesn't ask for the theoretical owner, it asks for the owner of public record.

Part of our analysis of the contract is to explain when they don't match, but that doesn't change what is in public records

 

[Tom D]

That's a lender problem. The form doesn't ask for the theoretical owner, it asks for the owner of public record.
Part of our analysis of the contract is to explain when they don't match, but that doesn't change what is in public records

Yea, it's a business decision not listening to the lenders request. So, saying Estate of Owner zzz of which they have a death certificate, would not be proper. Just the owner's name only good for you.
And there is no where else on the report that you will use a different judgment than what it asks for. I'm not arguing with your decision, just saying it isn't the only one for the younger appraisers.
Your well paying clients, who ask for this simple thing, is more important that your high order ego. But, that's a business decision, not saying you should do differently than what you want.

 

[Tim Hicks (Texas)]

Well, it wasn't their signature on that agreement, or you didn't notice. Which most of us don't look at. Always have seen estate of, maybe it was written by a civilian not knowing that correct way.

Are some of you not understanding this post. The owner died, once the owner died the executor is theoretically the owner/controller of the property. Lenders like the agreement to match the appraisal.
So go ahead and fight them. So picking up that it's an estate would still make you put only the dead owner's name on. So much for analysising the ownership. But that's a business decision.

Putting estate of xxxx, you still have the owner's name and a caveat about the present situation. You have now done an analysis of the agreement of sale, as stated on the report.

I actually did change it to "the estate of..." But, I did not change it to the 100+ character name they were requesting. However, there was no indication the owner was deceased on the listing or the sales contract.

 

[Zoe]

I actually did change it to "the estate of..." But, I did not change it to the 100+ character name they were requesting. However, there was no indication the owner was deceased on the listing or the sales contract.

All you had to do is ask them to email you a copy of title opinion. You could have imported in report. Please see attached.

Trust me the lender had copy of title opinion before you were hired.

They know the system. VA definitely knows.