YOU HAVE QUESTIONS, WE HAVE ANSWERS!
VIVA ESCROW Q & A SEGMENT
(Real questions sent to us – verbatim!)
This month, I want to address the unintended consequences of adding or removing people on your property ownership without proper background knowledge, thought and/or consideration. I know I have talked about this numerous times through the years, but it bears reminding that once you transfer an ownership or a partial interest, it is DONE and to correct, retract or otherwise change it afterwards can be difficult.
We just opened a transaction in which the property has remained in the family since the 1950s. Ownership had been transferred in and out between family members so many times that now, when they want to sell, there are what we call numerous “breaks in the chain of title” and we are not sure who actually owns the property. Here is a very simplified summary of the scenario we are facing:
A owns the property with B
A transfers property to A and C
A transfers property to D
A and E transfers property to A and F
Probate of estate of F in which property is granted to G and A
A claims she is the only owner of the property
As you have probably deduced, our purported Seller is A. She has been on the chain of ownership since the 1950’s. But is she the only owner? What happened to persons B, C, D and G? Are they dead? Alive? And when did E get ownership that allows her to transfer to A and F? During the probate of F, did the attorney even check how E even had the right to give the property to A and F?
And to add “insult to injury”, as they say, we have to deal with the similarity of names between parties involved in all the transfer paperwork. Maria and Jose are very common Latino names, especially in one family. To distinguish some have additional first names, middle names, middle initials. Is Maria the same as “Anna Maria”? The same as “A. Maria” or “Maria A.”? Is “Jose G.” the same person as “Jose Gustavo” or “J. Gustavo”? If the client uses variations of their names when transferring property interest in and out, issues arise because there is no continuity. We must take each name and reconcile the person and their names to their identification cards.
The whole ownership report was presented to our Seller A. Was she aghast? Probably. If she wants to sell this property, she has her homework cut out for her. She may need to provide Death Certificates for those who passed away. For those who are still alive, they will have to be tracked down to sign and have notarized paperwork to clear the “breaks in chain of title”. Can they be found? Will they be willing to cooperate?
This will be a LONG escrow!
You just can’t make up these stories!
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~ Video of the Month ~
Feeling the age? Here’s how to feel better and healthier:
10 Benefits of Walking
(10 minute video – the most important tips start around 7:22.
Look for your FIT formula to follow)
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~ (A Few) Quotes of the Month ~
Having TV commercials at gas pumps has to be one of the worst uses of technology to date.
November 2, 2000, was the last time all living humans were on earth at the same time. Ever since then the ISS has been occupied continuously, traveling 5 miles per second.
Cats and dogs will never know how much they are worshipped on the internet.
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My YouTube Offering for the Month
California Transfer Taxes can be a deal killer!
It’s July 2026 and there is a change to the Los Angeles Mansion Transfer Tax
Calculate it out. Yes, a deal killer!
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You Have Questions? We Have Answers!
Juliana Tu, CSEO, CEO, CBSS, CEI, SASIP
Escrow is my FOREMOST language!
Advance Disclosure:
The opinions expressed in this blog are solely the author’s.
Your comments and viewpoints are always welcome.
Info @ VivaEscrow.com