The Chain of Title Assessment (COTA) is used by Attorneys to determine probative
value of issues in the chain of title, potential claims and potential claimants.
This is a multiple-page report that defines potential problems with the chain of title,
beginning with your warranty deed and moving backward through the chain of recorded
documents in the land records found in the courthouse in the county in which your
property is situated.
A chain of title assessment does NOT identify problems with your mortgage loan; TILA
and RESPA or HOEPA issues; issues with the Fair Credit Reporting Act or the Fair Debt
Collection Practices Act; securities violations or any other federal questions that
have nothing to do with chain of title. Prior to gathering the documents listed below,
please Contact Me
for time availabilty and verification. Include a brief scenario of your situation.
The following must be obtained from courthouse land records in BOTH Certified and regular
copies (one of each; certified copy for evidence and regular copy for office use):
- DEED - (This can also be known as "Warranty Deed"; "General Warranty Deed";
"Special Warranty Deed"; "Grant Deed"; "Security Deed"; "Substitute Trustee's Deed";
"Quit Claim Deed"; "Tax Deed"; or "Abstract Deed". This "deed" represents itself
as the Instrument that conveys the property to you by the former owner. The former
owner would be the "Grantor"; you (and your spouse, if married) are the "Grantee".
This generally starts your chain of title.)
- DEEDS OF TRUST - Promissory Note, if recorded. (This can also be referred to
in judicial states as a "Mortgage". Also known as "Security Deed" or "Installment Contract"
in some states. Either of these documents could represent an equitable lien on your title.)
- HOME EQUITY LINES OF CREDIT - (HELOC; Promissory Note if recorded as HELOC's
are mortgage loans too.
- SECOND MORTGAGE LIEN - Promissory Note if recorded; this may also be known as
a "Deed of Trust Second Lien".
- APPOINTMENT OF SUCCESSOR TRUSTEE NOTICE - found in Deed of Trust states only.
- CONVEYANCES (ASSIGNMENTS) - These could be represented as "Release of Lien";
"Satisfaction of Mortgage"; "Deed of Reconveyance"; "Full or Partial Reconveyance";
"Corporate Assignment of Mortgage or Deed of Trust".
- NOTICES OF DEFAULT OR FORECLOSURE; or NOTICES OF TRUSTEE'S SALE
- TAX LIENS, STATE OR FEDERAL; RELEASES OF SAID LIENS; TAX DEEDS
- MATERIALMEN'S LIENS; MECHANIC'S LIENS; HOMEOWNERS OR CONDOMINIUM ASSOCIATION LIENS
OR DEEDS; RELEASES OF SAID LIENS; NOTICE OF CHILD SUPPORT LIENS
- DEBTOR JUDGMENTS - These might operate as a lien against the property.
- NOTICES OF BANKRUPTCY AND DISCHARGE OF BANKRUPTCY - These may become more
important to prevent lift of automatic stay!)
- SUBORDINATION AGREEMENTS - moves a lien to a junior position.
- ORIGINAL PETITION TO FORECLOSE If in a Judicial State.
- FINAL JUDGMENT - Affecting Foreclosure.
- DETAINER and/or EVICTION NOTICES / PETITION
- FINAL TRANSCRIPTS - From court proceedings, if applicable.
The following must be obtained from sources
outside of courthouse or land records and may be submitted in either
affidavit and/or verified form. These also may only be available as a regular
copy received by mail [please include the envelope it came in]. A verified
copy is a copy signed before a notary. The original copy is for evidence and
the regular copy for office use):
- COMMUNICATION FROM ANY LENDER OR SERVICER - Most important if the document
purports to be "communication from a Debt Collector"; or purports to notify you of
change in the lender or servicer.
- ANY KNOWN S.E.C. DOCUMENTS OBTAINED FROM GENERAL SEARCHES - Including
MERS MIN ID searches
- NOTIFICATION FROM ANY LAW FIRM REGARDING FORECLOSURE
- DISCLOSURE NOTICES FROM CLOSING PAPERWORK - Particularly notices affecting
transfer of your loan after sale and MERS.
Obtain the following from your Title Company.
- COPY OF HOMEOWNER'S INDEMNITY POLICY - if purchased.
- COPY OF LENDER'S POLICY - (if available)
- COPIES OF ANY TITLE SEARCHES DONE - (where a report was issued)
- COMMUNICATION FROM ANY TITLE AGENT OR INSURANCE COMPANY
If you had a Securitization Audit or Forensic Loan Audit
performed, we would like a copy of it as well. Closing docs, HUD statements and other
related paperwork are not needed. As for any Correspondence docs mentioned above, please
sort them in time order, as to Date they were Received.
