Legal Question in Real Estate Law in Illinois
title insurance
We are buying our property through contract for deed. Our title insurance agent overlooked a mortgage that the sellers have on ttheir home that also includes this house. When it comes time for us to make the final payment what will happen? Also what if the bank forecloses onn the property? We've been told that we don't need to worry about it now but we would like to know what will or could happen. thnx
3 Answers from Attorneys
Re: title insurance
This is a serious and complicated problem. You need the assistance of a real estate attorney NOW!
Re: title insurance
Hello. This is something that needs attention
now. I suggests that you not wait until later.
You could have real problems. You have no guarantee that this will be resolved later. You
need to take legal action to resolve this. Situ-
ations like this can cause a great deal of finan-
cial woes later and can create a great incon-
venience for you. This could put other plans
on hold. I will be happy to answer any additional questions that you may have.
Re: title insurance
This is a serious problem. If there is a mortgage on the house, then you are at risk of someone else making a claim on the property.
I would not wait until you make the last payment on this house to look into the matter. I would make it an immediate priority.
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