Q: scenario . . . three sibilings receive a residental house through an estate ( beginning june 2022 )
an agreement is reached between siblings and one of them buys out the other two ( april 2023 ), so the house is now owned by one person ( sibling ). i am buying this house ( july 2023 ) with title insurance. do i need to worry about any future lawsuit from any of the siblings ? extended question: if there is still riff between the siblings, would the two siblings sue the one sibling and not me ( or make any claim to ownership of the house ) ? i know this is lengthy, but thank you
A: Before you close, your title agent will order a title abstract that shows who holds legal title. The insurance company and your lender will not allow the closing to proceed if the seller does not have good title. While it's best to read the actual contract to be sure of this, it's more than a good guess that the purchase agreement has the seller warranting that they have good title. If you are worried about it, buy the premium policy of title insurance for a few dollars more. The main benefit of that is usually mechanics lien coverages, but it's worth the tiny price difference. If anyone makes a claim after you buy, notify the title insurance immediately.
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