Owners title policy: will not issue a policy without standard exceptions

[jr45rts]

What is the name of your state (only U.S. law)? Michigan.

Buying foreclosed condo from Freddie Mac and they will not issue an owners policy without standard exceptions. What are my risks? What is the name of your state (only U.S. law)? Michigan.

 

[justalayman]

and the problem with that is?


standard exceptions; exceptions that are typically included in all title insurance policies.

why would they or should they not include the standard exceptions that they include, as a standard item, in most all other policies?

Was there something specific you had a problem with that you believe should not be excepted out?

I mean, how can you really expect them to offer a policy and blindly include all possibilities? That would be a foolish business move on their part, don't you think?

 

[nextwife]

Certain of the standrd exceptions ALWAYS remain.

Some can be deleted if the proper documentation is provided.

 

[FlyingRon]

Who is "they?" Freddie Mac doesn't issue insurance.
What "standard exceptions" are you concerned about.

You got bigger issues than title most likely. Condos are highly volatile investments, especially properties that have had foreclosures in them. Better look carefully at the association's finances.

 

[jr45rts]

Concerns surround the period from when former owner lived in condo (and presumably quit paying everything) until when the bank took over.

 

[justalayman]

and you believe the insurer should blindly write a policy that covers anything that might show up?

Not going to happen. They have exceptions for a reason. It allows them to write a policy with an understood level of risk. If they have no idea and no way of determining what claims there might be on a property, writing a policy to cover without protecting themselves would be foolish.