Title and Escrow Services Throughout Michigan and Illinois
Unknown to many folks, there exist a slew of unrecorded issues that can affect real property. Examples include (but are certainly not limited to):
• Unpaid water bills or multiple water accounts
• Board up of abandoned property by the City
• Grass/Weed cutting by the City
• City charges for Snow Removal
• Ordinance Violations for broken steps, missing railings, etc.
• Unpaid fees for Inspections/Certificates of Occupancy/ACRs
• Special assessments for paving, sidewalks, sewer, etc.
If you are purchasing a property on land contract or for cash, I always recommend that you purchase an owner’s policy. Protect yourself and your investment even further by closing with an experienced, professional title company.
When people ask me why they need title insurance, I always ask, “How much time do you have?”
By Phillip Finsterwald March 22, 2013 - 3:22 pm
On a settlement statement does POC (paid outside closing) become an unrecorded lien on the property being transferred until such time the payment is made?
By Parks Title March 26, 2013 - 1:38 pm
No, POC just means that something has been paid outside of closing, just as the name implies. If it is something that could potentially become a lien (which usually POC items are not), we would need a paid receipt for that item prior to or at closing.
Most of the time POC is used to show that someone already paid their appraisal or insurance.
If you have any additional questions, please feel free to contact Shelley Provenza, sprovenza@parkstitle.com, and she’d be happy to explain this in greater detail.