Uncovering the Mysteries of Wild Deeds: Property Ownership’s Hidden Challenge§
What is a Wild Deed?
A ‘wild deed’ is a signed and sealed legal document that grants particular rights to a property. What makes it ‘wild’ is that it is recorded but does not align with the established chain of title. This disconnection can cause significant issues if any dispute about the property’s chain of title arises. The term ‘wild’ is used because these deeds can be elusive and difficult to trace.
The Elusiveness of Wild Deeds
Finding a wild deed through a grantor or grantee index search may be challenging due to its break from the regular chain of title. If a previous sale wasn’t properly recorded, it could complicate future property transactions. A subsequent buyer might not be given constructive notice under a wild deed, which could jeopardize the purchase.
Complications and Enforcement
One of the main issues with wild deeds comes up when multiple buyers are involved. Enforcing a wild deed becomes even more complicated if it’s been sold to different people. Historical contexts, like the 2008 mortgage crisis marked by ‘robo-signing’ issues, underscore the severity of improperly recorded deeds, showing the parallels between robo-signing and wild deeds.
The Broader Impact
Robo-signing and wild deeds reflect significant problems in the mortgage industry where paperwork is not meticulously verified, leading to serious repercussions for property ownership and rights. Understanding and navigating these issues are crucial for anyone involved in property transactions.
Related Terms: Chain of Title, Grantor, Grantee, Constructive Notice
