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Taxation & Estate Planning
: Death and Taxes BlogTitle Insurance, Bugs Bunny, and the Brooklyn Bridge
By Joel A. Schoenmeyer
People buying real estate sometimes ask, "why do I need title insurance?" There are a few reasons for it, but I think the best reason is that you don't wind up in a "Bugs Bunny - Brooklyn Bridge" scenario.
Do you remember that cartoon? (It's called "Bowery Bugs," and can be seen here.) It's the one where Bugs torments Steve Brody -- the cartoon ends with someone "buying" the Brooklyn Bridge from Bugs. Which, of course, Bugs doesn't own in the first place.
I'm reminded of "Bowery Bugs" by this article. Evidently Paul and Jill Willey, of Portage, Indiana tried to sell their house. But in this case, "their house" was just a house they were renting. The funny thing is that they succeeded. They listed the house on Craigslist, and sold it. Then sold it again!
Full post as published by Death and Taxes Blog on February 08, 2008 (boomark / email).
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