Couple pays over $20,000 after waiving owner’s title insurance protection
We had a couple waive an owner’s policy that would have cost $815. They’ve spent near $20,000 in attorney fees defending title to their home.
The seller sat across from them and signed closing documents. He brought a notarized Power of Attorney document that authorized him to sign on behalf of his wife, and he directed the sale proceeds to his personal savings account. Then everybody shook hands and left.
Five years later, the couple was served by the seller’s wife claiming her interest in the property. Turned out the POA was forged and the Notary Public was complicit in the fraud.
The policy may be optional, but the consequences of being caught without owner’s protection are costly.