How far back should a chain of title go? Who really owns the property. There is an issue in Patagonia with a tribe of indigenous people who say the land was stolen from them. The argument against this is that they stole it from another indigenous group. The entire region was an encomienda to the Sotomayor family from the Spanish Crown. Much of this property has been sold 3 or 4 times since then. Who owns it now?
This is the kind of battle that makes title insurance a good idea. What about some more modern examples where title insurance is probably not available? Who will own the property abandoned by fleeing Cubans, when Castro came to power? The Turkish government is giving deeds to abandoned property in the Turkish part of Cyprus. The European Union is already hearing cases on this.
Will the real estate brokers participating in these transactions be held liable? That is not one of the things we normally think about. It may be possible that commissions will have to be refunded as a part of the settlement, especially in cases where the agent represents the buyer. A recent property show refused to allow participation of properties in the Turkish part of Cyprus; because they were afraid of these issues. Will the buyers of these properties find themselves standing when the music stops in the game of musical chairs? Has the music already stopped?
David Segrest is a REALTOR® in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com He is also a contributor on Argentina to: http://realestatebloginternational.com/
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