Metro Detroit — Thousands of individuals participated in County Tax Foreclosure auctions this year in what was a record tax foreclosure year across Michigan. The efforts of many County Treasurer’s to make bidding for these properties as easy as possible has encouraged the participation of many individuals in the bidding process, and not just the usual large-scale buyers. Many buyers are not aware of the potential inhibitions on re-selling the property. Title companies, for a variety of reasons, have refused to insure title to the property after a tax sale until they are reasonably assured that the foreclosure was done properly and that there are no outstanding claims to the property.
If you are dealing with any issues selling or buying a home that was acquired through a tax foreclosure, you have probably run into issues with insuring the title and closing the transaction. This can usually be done through two methods- a “tax title service” or other insurance product, or a quiet title action in Circuit Court.
Title insurance policies are now taking a lot longer than they used to, and no longer are the most efficient option in most cases. As an attorney, realtor and real estate investor, I have witnessed first-hand, the demands of the industry and the value of time.
The Meridian Law Group is ready to help you with low cost and efficient quiet title services. We will work seamlessly with our title partners or your title company to clear any issues with title in time for closing anywhere in the State of Michigan. Being prepared ahead of the intended sale of your property can save you months of time and thousands of dollars.
— Tarek M. Baydoun is an attorney and counselor at The Meridian Law Group, of counsel to Allen Brothers, PLLC, and can be reached at his office phone at 313.962.7777 or by email at email@example.com.
Leave a Reply