I’m spending Thanksgiving in La Jolla, CA with some very close friends. At dinner last night they told me about a situation with their other home that exemplifies why title insurance is needed. In Illinois, property sellers are required to purchase title insurance even if they have a deed that says they own the property.
This year my friends bought a condo in Provincetown, MA. They just discovered that the developer didn’t pay the property taxes that were due before the property was split into condos. How the title to the condo got transferred to them without the property taxes being paid is a mystery to me, but states have different laws for real estate so maybe that can happen in Massachusetts. Anyway, whatever happens with the property taxes, my friends are protected because they have title insurance. The title insurance company has to protect their interest in the property against any prior claims.
Have a Happy Thanksgiving! 
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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Happy Thanksgiving, Fran! Enjoy beautiful La Jolla. And yes, title can bring surprises – doing a funky refi and when we pulled title there were two completely different names on the title. Oops! No deal!