Title Guarantee

[Astrolink]

What is the name of your state (only U.S. law)? MN

I posted this elsewhere, but I' m going to put part of it here in this category as I may be more apt to get an answer.

Here's the question:

If a property sold in 1959 (worth millions today) had a title check that showed no liens, but could be shown today (2011) that a will made out in 1953 gave half the value of this property to others, are there any repercussions to the company that guaranteed the title to be lien free?

If so, what would they be liable for? The value in 1953? 1959? Today?

 

[nextwife]

How do you know "half the VALUE" was not given? Half the property, or half the VALUE?

How was the title held when the party died? Were there estate creditors that needed to be paid off with the propceeds of the sale?

A WILL DOES NOT ALWAYS CONTROL DISTRIBUTION. Certain types of ownership can pass the property outside probate.

 

[NC Aggie]

What is the name of your state (only U.S. law)? MN

I posted this elsewhere, but I' m going to put part of it here in this category as I may be more apt to get an answer.

Here's the question:

If a property sold in 1959 (worth millions today) had a title check that showed no liens, but could be shown today (2011) that a will made out in 1953 gave half the value of this property to others, are there any repercussions to the company that guaranteed the title to be lien free?

If so, what would they be liable for? The value in 1953? 1959? Today?

Well, title insurance typically covers recorded and documented transfer of ownership of property and any recorded liens. Wills are not always recorded or executed, thus it would be impossible for a title insurer to research and discover unrecorded wills.

It's possible that the will's intent was to grant half the value of sale of the property to this individual but it's impossible to know without more specific information. If the person who sold the land in 1959 had legal ownership of the property and this was documented, I think the buyer would be protected from any claims by this other individual regardless if he/she has title insurance.

 

[FlyingRon]

There's not enough details here to make any determination. At what point is it alleged the deed transfer ceased to be valid? When did whoever's will this is die and had he still owned the property when he died?

 

[nextwife]

There's not enough details here to make any determination. At what point is it alleged the deed transfer ceased to be valid? When did whoever's will this is die and had he still owned the property when he died?

And how was it titled, did the estate have other assets to pay off creditors, even, was it sold and that party given 50% of the net proceeds at some point. Or other equivilant dollars.

 

[nextwife]

. . . a will made out in 1953 gave half the value of this property to others, are there any repercussions to the company that guaranteed the title to be lien free?

If so, what would they be liable for? The value in 1953? 1959? Today?

Half the VALUE is NOT half the real estate. Half the value could have been paid out in a cash distribution, for example. And, as stated, if the property was titled so that it passed outside probate (was in a trust, owned in Jt tenancy, for example), the estate had no control over it's conveyance.

 

[Astrolink]

Here are more facts:

Hotel purchased in 1948 by husband and wife. They were both in second marriages and had only been married a short time.

Wife put $5000 into down payment.

She died in 1953. She told her children she had a will that would distribute her assets to them, and that it was in a safety deposit box that she and her husband had access to.

Upon her death, the will was not in the box, nor to be found.

Her husband died of a heart attack 3 months later. His children got everything, including the hotel.

They sold it in 1959.

It was after the war, her kids all had great jobs in our then prospering economy, and didn't bother to look into it further.

I may be able to find the will. I'm not interested in the usual assets that they lost....it's from too long ago. I'm really only looking at the property and if there is anything that can be done now to reclaim what was lost. If not, I'll let dead dogs lie as the saying goes.

 

[nextwife]

Here are more facts:

Hotel purchased in 1948 by husband and wife. They were both in second marriages and had only been married a short time.

Wife put $5000 into down payment.

She died in 1953. She told her children she had a will that would distribute her assets to them, and that it was in a safety deposit box that she and her husband had access to.

Upon her death, the will was not in the box, nor to be found.

Her husband died of a heart attack 3 months later. His children got everything, including the hotel.

They sold it in 1959.

It was after the war, her kids all had great jobs in our then prospering economy, and didn't bother to look into it further.

I may be able to find the will. I'm not interested in the usual assets that they lost....it's from too long ago. I'm really only looking at the property and if there is anything that can be done now to reclaim what was lost. If not, I'll let dead dogs lie as the saying goes.

How was it titled when she died?

 

[Astrolink]

I believe it was titled in her and her husband's name at the time of her death. I suspect he took her will out of the safety deposit box and destroyed it, and his children would have forged her signature on any paperwork after that.

They were cruel folks. Her kids got nothing, not even the family heirlooms after she died. After her husband died, his kids would only allow her kids to "buy" whatever family heirlooms they wanted.

 

[justalayman]

I believe it was titled in her and her husband's name at the time of her death. .

No. Exactly how was it held:

tenants in common,

joint tenants,

joint tenants with rights of survivorship

or any other form or ownership that state allowed at the time.


and guessing is meaningless.

 

[nextwife]

I believe it was titled in her and her husband's name at the time of her death. I suspect he took her will out of the safety deposit box and destroyed it, and his children would have forged her signature on any paperwork after that.

They were cruel folks. Her kids got nothing, not even the family heirlooms after she died. After her husband died, his kids would only allow her kids to "buy" whatever family heirlooms they wanted.

You are not getting this. The exact way in which the real estate was titled may have legally caused it to pass OUTSIDE probate. No deceit, no elimination of will may be needed to do this. WE cannot begin to answer any questions about who should get a property when a co owner dies without knowing EXACTLY what title states as to ownership between them.