MISSING TITLE

Once upon a time, a seller was preparing to sell a property. In anticipation of the sale, he settled the unpaid real property taxes and association dues.

A week before the scheduled sale, he realized he had lost the title. He distinctly remembered having it with him when he paid the real property taxes, as he believed the Assessor/village admin might ask for proof of ownership.

As the closing date approached, he had to cancel the sale, having given up hope of finding the lost title.

Lessons:

Keep Property Titles Safe: Always store property titles in a secure place. Only take them out if you need to use them as collateral or for a sale.

Act Immediately if a Title is Lost: If you lose a title, promptly have an Affidavit of Loss annotated on the title. This annotation will serve as a warning to any potential buyers that there is an issue with the property. The annotation can easily be canceled if you find the title.