Quote:
Originally Posted by bsloan1960
Don't care that folks will tell me I'm overreacting: Unless you lived in a tent you sold your house for a LOT of money. Unless you bought a tent you payed a LOT of money. Any transaction that involves a LOT of money is worth saving the paperwork forever.
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^ Concur. A few file folders and a yellow/black tote from Costco or Home Depot costs less than $20 and does not take up a lot of space for something that could be so very important!
As an aside, my friend and I both relocated from CA to TN about a year apart. We bought homes in the same neighborhood / community. He opted to save a couple hundred bucks and not buy title insurance. Turns out, there was a significant title issue on the conveyance of the lot he bought and subsequently built upon. The notarizing occurred 20 years prior and stamps and/or documents were missing. Turns out, the notary had actually moved FROM TN to CA, the exact opposite of my fiend's relocation pattern.
Fortunately, after many hours of researching and attempt to contact the notary, he finally located her about 50 miles from where he was in CA at the time. 2 or 3 trips to the location before he made contact.
Double fortunately, the notary kept her boxes of records from her notarizing career that ended some 15 years prior.
Triple fortunately, she was willing to (and did) go through those records for hours to locate the needed documentation to resolve the title issue.
A lot of hassle and possibly a lost deal or lost tens of thousands of dollars for the lot and hundreds of thousands of dollars for the house when a $200 insurance policy would have been cheap piece of mind.
Especially because the lot in question and the community in question have historically been subject to multiple contentious claims of ownership (Formerly Cherokee lands taken by the U.S. via Trail-Of-Tears, then the TVA took by eminent-domain a lot of the area from generations of Appalachian farmers, and then shortly afterward the community developers came in from out of state).