Clearing Title for Defects Due to Mortgage-Related Issues, Legal Description Errors, and Foreclosure

The goal of every real estate deal attorney is to ensure a timely and smooth closing of the transaction. Title defects are just one of the many hurdles that transaction attorneys must clear. While there are many risks that can create an encumbrance on a title, some of the more common title defects that face real estate practitioners are mortgage-related issues, legal description errors, missing interests and unreleased mortgages.

Armed with the knowledge on how to cure these common title defects, practitioners can ensure that they close commercial transactions on time and with little surprises.

Listen as our authoritative panel of real estate practitioners discusses best practices for identifying and clearing title defects arising from mortgage-related issues, legal description errors, and foreclosure.

I. Mortgage-related issues

1. Improper or failed discharge release of prior mortgages
2. Lack of proper assignments of the existing mortgage
3. Releasing mortgages from nonexistent lenders
4. Undischarged home equity credit lines

II. Legal description errors

1. Incorrect legal description
2. Discrepancies between description in mortgage and description by city/county
3. Discrepancies between historical description and survey description

III. Foreclosure

1. Defective mortgage foreclosure
2. Failure to serve all necessary parties
3. Inclusion of all proper parties on mortgage
4. Post-foreclosure issues
5. Condominium association liens

The panel will review these and other key issues:

• What are the most common mortgage-related issues and what are best practices for investigating and clearing the title?
• What are the most common foreclosure-related issues and what are best practices for investigating and clearing the title?
• What are the most common discrepancies in property legal description and what are best practices for resolving those discrepancies and clearing the title?