Legal Question in Real Estate Law in Illinois
Title Insurance
In refinancing a home, a title insurance company is used to search property to be sure there are no unpaid property taxes due. However the title insurance company we used did not make a complete search--they only asked for 1998 and 1999 and when a the mortgage company and I asked why didn't they make a complete search, the title company said, ''...well we made a mistake and you are responsible for the 1997 taxes.'' Does the Title Insurance Company have any responsibility for the error?
Asked on 10/06/01, 1:21 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: Title Insurance
I would have to guess the title commitment which was prepared was a lender's policy which protects only the lender. I'm not sure why this would obviate your responsibility for paying taxes due.
Answered on 11/28/01, 12:05 pm
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