How comprehensive is a title search. I received an offer and the breakdown showed my great aunt and my grandmother having equal shares. When I mentioned the fact that my great aunt left 60% of her estate to my grandmother, it seems to have sent them into a tailspin. Shouldn’t that fact have been discovered?
Depends upon the skill of the person doing the title search and if all of the probate and other title documents were properly filed in the counties where they should have been filed.
Welcome to the world of the mineral buying bros… (while you’d didn’t specifically say, I’m assuming this is a purchase, not a lease - although I could be wrong).
The mineral buying game is frought with “offers” that have little (sometimes no) work put forth into title verification prior to having a binding Purchase and Sale Agreement signed by a would be owner. It’s all a matter of business economics… no one wants to spend time researching title until a would be seller is on the hook. A watchful eye on language within a P&S agreement will reveal what you’re getting into.
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Thank you for your reply. It shouldn’t be that difficult since I have my own copy of the will in question. Surely, a thorough title search would have revealed the information.
The mineral buying process seems to be a lot different than the leasing process. A lot of times these mineral buying companies will not spend the time, effort and dollars to go get a full title run if they do not have a deal in place. Pending on how complex and how many tracts invovled the title process can be somewhat costly. Hope this helps.
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