Real estate developer 2,022 Ranch LLC bought 2,022 acres of land for development of residences. Chicago Title Co. issued a preliminary title report showing 16 title encumbrances and exceptions against the property. The buyer agreed to proceed with the purchase, subject to the 16 title liens. The sale closed in May 2000 for $5 million. But in July 2000, Chicago Title issued its owner's title policy that showed 16 additional title exceptions, such as easements and boundary discrepancies. Purchase Bob Bruss reports online. The developer-buyer immediately filed a title claim against Chicago Title Co. But no response was received for 15 months. In September 2001, buyer 2,022 Ranch LLC sued Chicago Title Co. for breach of contract and bad faith. Chicago Title Co. then admitted liability for ...
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