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by CareyBot

Title problems were found in 36 percent of all residential real estate transactions in 2005, up from 25 percent in 2000, due to a booming real estate market and an increase in transactions, according to a title insurance industry survey. "The most frequent curative action taken last year was obtaining releases and/or obtaining pay-offs for discovered liens, such as prior or existing first or second mortgages, unpaid child and spousal support, outstanding taxes, and other judgments against the property," said Rande Yeager, president of the American Land Title Association, which conducted the survey. The survey tracks changes in the title industry, including the number of orders received and percentage of title issues discovered and repaired prior to closing or escrow. The next most common...