C.O.t.a.'s explained simple
THE VALUE OF A CHAIN OF TITLE ASSESSMENT (COTA)
It is necessary for homeowners, paralegals and attorneys to understand the relevance of property law and to be able to work with clients building evidence for a claim for which relief can be granted in their case. From the documents in foreclosure filed in the land records, and served upon the court and trustee that could be spurious or break the chain of title compared to the chain of custody of the note.
The chain of title assessment, largely in part, is used by an attorney to determine probative value of issues in the chain of title, potential claims and potential claimants. The chain of title assessment does NOT render legal advice nor does it purport to draw legal conclusions. It is written more for the benefit of the attorney than it is for the litigant.
A chain of title assessment on a given piece of property can run anywhere from 3 or 4 pages up to 100 pages or more, depending on the complexity of the case (and the amount of attached evidence); the number of mortgage loans involved; the number of potential flaws in the actual documentation itself; the sequential problems created by improper recordations; and the actual authority of the person creating the recorded documents.
Once the analysis is complete, it can be used, along with the accompanying certified documents, to create a systematic set of pleadings for quiet title actions. The preliminary title report contains the legal description, which must be adhered to from the recordation of the warranty deed, forward, by all parties that effectuate a lien against it. If the legal description is altered (and many foreclosure mills will claim it as a "scrivener's error") it may be enough grounds to throw out the entire claim by the lender that actually has a recorded interest in that particular property.
The COTA preparer cannot attest to information unknown to them if it was NOT provided to them for use in preparing their report. The COTA preparer in this instance will have to attest to his/her due diligence in getting as much of the data necessary to complete the report and to the validity of the documents utilized and reviewed as part of it. If deposed, the lender's attorneys will attempt to impeach the credibility of the Preparer, so it's best if you utilize someone that has more than just a two-day, classroom-style training session under their belt. Many COTA preparers have paralegal certificates; however, COTAs are NOT boilerplate items. No fancy pie charts or graphs. No fluff commentary. If there is specific case law involved that was used to determine potential issues, the COTA preparer must disclose his source of information; this includes depositions and expert affidavits. This benefits the homeowner (defendant or plaintiff and their counsel) in making a more complete record as to what statues were considered in identifying potential claims.
Prior to the repeal of the Glass-Steagall Act, the banking industry created a "utility" - "MERS" for Mortgage Electronic Registration System, that is currently being utilized to circumvent our well-established county real property recordation systems; thus, denying our county recorders, clerks and registers of deeds millions of dollars a year in recording fees and potentially corrupting chains of title to over 70-million pieces of residential real property across the United States! Our firm audits and identifies the issues facing these properties for property owners and county recordation systems. Our C.O.T.A.'s (Chain of Title Assessments) are used by attorneys in the preparation of litigation in fighting foreclosures and usurpation of property recording statutes. We also provide continuing litigation support for attorneys.
So a COTA is simply a real property record audit of your home or foreclosed home. For your attorney to determine if you have a case in foreclosure defense/offense and/or quiet title. The cost of a "C.O.T.A.", chain of title assessment, is typically $895 for up to 12 instruments recorded in your County Clerk & Recorder (in some states called County Recorder, County Registers of Deeds, County Auditors)
NOTE: One of the reasons that Special Warranty Deeds are issued to bona fide purchasers is because the person issuing the deed cannot guarantee condition of title or insurability of title! If you're an investor that receives a Special Warranty Deed at closing, you can safely bet that there are "issues" with title that were unresolved at the time you acquired the property. It could also spell trouble for you if the person conveying the property didn't legally own it at the time you bought it (see Bevilacqua v. Rodriguez).So, it is simply a real property record audit of your home or foreclosed home. For your attorney to determine if you have a case in foreclosure defense/offense and/or quiet title. The cost of a "C.O.T.A.", chain of title assessment, is typically $895 for up to 12 instruments recorded in your County Clerk & Recorder (in some states called County Recorder, County Registers of Deeds, County Auditors)
It is necessary for homeowners, paralegals and attorneys to understand the relevance of property law and to be able to work with clients building evidence for a claim for which relief can be granted in their case. From the documents in foreclosure filed in the land records, and served upon the court and trustee that could be spurious or break the chain of title compared to the chain of custody of the note.
The chain of title assessment, largely in part, is used by an attorney to determine probative value of issues in the chain of title, potential claims and potential claimants. The chain of title assessment does NOT render legal advice nor does it purport to draw legal conclusions. It is written more for the benefit of the attorney than it is for the litigant.
A chain of title assessment on a given piece of property can run anywhere from 3 or 4 pages up to 100 pages or more, depending on the complexity of the case (and the amount of attached evidence); the number of mortgage loans involved; the number of potential flaws in the actual documentation itself; the sequential problems created by improper recordations; and the actual authority of the person creating the recorded documents.
Once the analysis is complete, it can be used, along with the accompanying certified documents, to create a systematic set of pleadings for quiet title actions. The preliminary title report contains the legal description, which must be adhered to from the recordation of the warranty deed, forward, by all parties that effectuate a lien against it. If the legal description is altered (and many foreclosure mills will claim it as a "scrivener's error") it may be enough grounds to throw out the entire claim by the lender that actually has a recorded interest in that particular property.
The COTA preparer cannot attest to information unknown to them if it was NOT provided to them for use in preparing their report. The COTA preparer in this instance will have to attest to his/her due diligence in getting as much of the data necessary to complete the report and to the validity of the documents utilized and reviewed as part of it. If deposed, the lender's attorneys will attempt to impeach the credibility of the Preparer, so it's best if you utilize someone that has more than just a two-day, classroom-style training session under their belt. Many COTA preparers have paralegal certificates; however, COTAs are NOT boilerplate items. No fancy pie charts or graphs. No fluff commentary. If there is specific case law involved that was used to determine potential issues, the COTA preparer must disclose his source of information; this includes depositions and expert affidavits. This benefits the homeowner (defendant or plaintiff and their counsel) in making a more complete record as to what statues were considered in identifying potential claims.
Prior to the repeal of the Glass-Steagall Act, the banking industry created a "utility" - "MERS" for Mortgage Electronic Registration System, that is currently being utilized to circumvent our well-established county real property recordation systems; thus, denying our county recorders, clerks and registers of deeds millions of dollars a year in recording fees and potentially corrupting chains of title to over 70-million pieces of residential real property across the United States! Our firm audits and identifies the issues facing these properties for property owners and county recordation systems. Our C.O.T.A.'s (Chain of Title Assessments) are used by attorneys in the preparation of litigation in fighting foreclosures and usurpation of property recording statutes. We also provide continuing litigation support for attorneys.
So a COTA is simply a real property record audit of your home or foreclosed home. For your attorney to determine if you have a case in foreclosure defense/offense and/or quiet title. The cost of a "C.O.T.A.", chain of title assessment, is typically $895 for up to 12 instruments recorded in your County Clerk & Recorder (in some states called County Recorder, County Registers of Deeds, County Auditors)
NOTE: One of the reasons that Special Warranty Deeds are issued to bona fide purchasers is because the person issuing the deed cannot guarantee condition of title or insurability of title! If you're an investor that receives a Special Warranty Deed at closing, you can safely bet that there are "issues" with title that were unresolved at the time you acquired the property. It could also spell trouble for you if the person conveying the property didn't legally own it at the time you bought it (see Bevilacqua v. Rodriguez).So, it is simply a real property record audit of your home or foreclosed home. For your attorney to determine if you have a case in foreclosure defense/offense and/or quiet title. The cost of a "C.O.T.A.", chain of title assessment, is typically $895 for up to 12 instruments recorded in your County Clerk & Recorder (in some states called County Recorder, County Registers of Deeds, County Auditors)
DISCLAIMER: The person/s named in this website are not attorney's and thus cannot render legal advice, draw any conclusions of law or guarantee any legal outcome. www.COTAparalegals.US is not a law firm and thus cannot render legal advice, draw any conclusions of law or guarantee any legal outcome. If you need legal advice, please consult with an experienced attorney.