Wills, Deeds, Property and Title Insurance

One of the benefits of growing up in a large family with plenty of elders is that as they pass on, they leave their assets to their loved ones.

I purchased a house and some vacant lots from family members who were short on cash and who did not want to manage rental property or take on the responsibility to build.

At the time that I purchased the house from one of my relatives, we didn’t go through a realtor and I did not request title insurance. I was much younger and naive. I am now going through the process of selling my house which has previously been used as rental property. My potential buyer has requested title insurance and I have been pre-occupied with tieing up loose ends to get a clean line to my title.

I wanted to post about some jewelry that I was working on to match my infinity scarf, but my mind is all over the place as are my projects. I am also about to go on a trip to Colorado and to Napa Valley in less than a week. Oh, by the way, did I mention that my ankle is fractured and I am walking around in a boot?

I decided to share a bit of my story to save somebody else from going through unnecessary trouble. First of all, if you buy property from a relative, make sure that you purchase title insurance. No matter how cheap the property is and even if it is a cash sale. Secondly, be sure to file a copy of your deed with the appropriate authorities.

Third, Keep all of your documents and transactions related to the sale in the event that you need them again. When I sold my vacant lots, I found out that there was some bill from 20 years ago that I had to pay first. I also had to get an affidavit of heirship signed by the relative that I bought the property from because her husband had passed and the property was never put in her name alone.

Many married couples have deeds in both parties names. If a spouse dies or if there is a divorce, then a new deed needs to filed with the sole owner’s name on it. One of my friends is still trying to probate his mother’s will. His father paid cash for some recreational property but did not file the deed with the county where it was purchased. My friend has been going through a living nightmare trying to find cancelled checks, documents and anything else to prove that the property was legally purchased.

My elders believed in buying land and houses. I was taught all my life that if you owned your own place, even if it was a “lean to”, that nobody could put you out. I have tried to pass that knowledge on to my children as well, but it is more difficult for millennials who like the flexibility of moving around.

If I can get through this current sale in the next week or so, I will be shouting for joy. I am also going to update my own will and check to make sure that the deeds to my other properties are correct and filed with the necessary authorities.

My mother is still alive and is in her nineties. Her home is in her name and my siblings and I have tried on multiple occasions to get her to transfer the deed to one person as opposed to leaving it as “heir” property.

Take care of your business while you have the time and a sound mind, It is more than a notion to go through all of this at the drop of a hat. Ok, my telephone is ringing again and it is the title company. The struggle is real.