Swanson v. Safeco Title Insurance Co.
Arizona Court of Appeals
925 P.2d 1354 (1995)
Brent and Darlene Swanson (plaintiffs) bought real estate, and purchased title insurance from Safeco Title Insurance Company (defendant). The insurance policy protected the Swansons from any loss resulting from a lien or encumbrance on the title. The policy did not provide for any recovery if the Swansons sustained no loss. The Swansons were facing foreclosure and attempted to refinance the property. As part of the refinancing process, it was discovered that John Jenkinson had a lien on the property. The lien had been satisfied, but that satisfaction had not been recorded. Regardless, the existence of the lien delayed the refinancing process. Before the Swansons could complete the refinancing process, the trustee held a trustee’s sale, and the real estate sold. The Swansons sued Safeco for damages pursuant to their title insurance policy. The trial court granted the Swansons summary judgment. The trial court then held a separate trial on damages and calculated damages by subtracting the amount of the lien from the fair market value of the real estate. Both parties appealed.
Rule of Law
Holding and Reasoning (McGregor, J.)
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