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(changing the actual amounts for privacy)-State-NJ
Purchased property a 20 acre tract of land that was put together through parcel assemblage, 80% of the property was insured by a title company A and 20% of the land purchased was acquired through title company B.
Here the problem begins when purchaser acquired title through Title company A the purchaser only took out an insurance policy for 200k then entered into a contract of sale for 600k. After buyer does his title search he discovers significant title issues that now make the property “Unmarketable” which title insurance policy covers.
Title Insurance Claims Letter
Need to have a insurance claims letter that clearly emphasizes the Title underwriters obligation to pay and presenting the case clearly. Also stressing that a postponement of payment by the insurer would be “Bad Faith” there may be additional stuff to throw in, all should be presented thoroughly.
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