Chicago Title Agency

COVID Criminals

2020-10-31T02:44:22+00:00October 30th, 2020|Chicago Title Agency, Newsletter|

The buyer agreed to purchase the property “as-is,” which indicated the property needed an update. The cash sale was scheduled to close in 10 days. The buyer, a real estate investor, offered a purchase price of $175,000 – far below fair market value – to perform needed repairs. The property was in Arizona, but the [...]

Counterfeit Checks on the Rise

2020-09-01T15:57:04+00:00September 1st, 2020|Chicago Title Agency, Newsletter|

Scenario: Title Company opens a sales transaction. The sales price was $379,900. The buyer was purchasing the property for cash, no financing. The purchase agreement required an earnest money deposit in the amount of $5,000 but the buyer remitted a check for the full sales price. The check was a company check and was drawn [...]

The Importance of a Reconveyance

2020-07-29T21:23:18+00:00July 29th, 2020|Chicago Title Agency, Newsletter|

A Reconveyance is an instrument used to transfer title from a trustee to the "owner" of real estate. This is most commonly used upon payment in full of the mortgage. At the time of payoff, the lender is obligated to make certain that the title to your property is cleared of the lien.  A Reconveyance [...]

Mac Aroni Loses 25 Acres

2020-06-02T17:35:42+00:00June 2nd, 2020|Chicago Title Agency, Newsletter|

Jill Bright, Chicago Title (Maricopa County) A real estate investor we will call by the fictitious name of “Mac Aroni” contacted one of our operations as he was in need of their assistance with the purchase of several acres of vacant land in a remote desert area in Arizona. Aroni was working directly with the [...]