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I am buying my first home and I am supposed to close on Thursday the 31st. I got a phone call from my layer last Wednesday saying there is a title issue. I guess there is 4 names on the title, 2 of witch past away. I guess this issue existed back in 97 when the house sold the last time but it was over looked and no one took care of it. Anyway, I am not getting any information on if I will close Thursday or if It will get pushed to a different date, I was wondering if any one else had issues like this in the past and can tell me if this can be cleared up quickly or is this going to be dragged out for a long period of time? Any info would be great, I am nervous!! Thanks in advance!
Sometimes these issues can be resolved quickly with an Affidavit, and sometimes they can drag out for months or even years. Plus, this varies greatly from state to state. Every state has different statutes regulating the descent of real property.
It will help in the long run if the current owner bought Owner's Title Insurance back in '97 when he bought the house, but that won't help in the short run. I hate to be discouraging, but prepare for a delay.
I just talked to the layers and they said they are hoping a week. I guess its a matter to getting the people to sign off on it. The sellers layer wanted to do the short way around it, witch if that was done then we would face this problem if we ever go to sell the house. So I am hoping with in a week this is resolved.
You definitely want this problem resolved correctly, even if it delays the closing a few weeks. It will pop up again when you try to sell the house, and all those people will be long gone.
It might be a good idea to spring for the extra couple of hundred bucks and buy Owner's Title Insurance from the closing attorney.
Yes we purchased the insurance and we are going to ride it out. I just hope its done before the rate lock expires with the bank.... if it goes past that, then that will cause another loop whole.
Yes we purchased the insurance and we are going to ride it out. I just hope its done before the rate lock expires with the bank.... if it goes past that, then that will cause another loop whole.
fyi-you can get your locked extended for a small fee.
I'm in the same situation; was supposed to close on 3/31/11 (short sale by the way). Initially, my closing date of 3/31 wasn't going to happen because my lender didn't finalize until 3/28/11 and requires 48 hours notification to close; a closing date of 3/30/11 couldn't be set. Also, my attorney is out of town 3/31-4/4. Coincidentally, the same day (3/31) my lender finalized and my attorney contacted the seller's attorney regarding finalizing a closing date, BANG BANG, THERE'S NOTIFICATION THAT THERE'S A FREAKIN' TITLE ISSUE > SMH. I'm ready to %$^*&$#% MOVE!
That suck!! The layer told us that she says she has a faster method to have the out of town person sigh off on the title electronically. This should ave us time, We are hoping to close on or before the 8th. Wish me luck, I will wish you luck! I am packed to, I was going to move in the end of april so I could do some painting etc before we move in, Now it looks more like ill have to move in with in a week of closing, I dont want to have to pay another months rent on top or the mortgage.
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