Title help

[imperium]

What is the name of your state? Virginia

Can someone tell me what this means?

" Title is to be good and marketable, and insurable by a licensed title insurance company with no additional risk premium. Title may be subject to commonly acceptable easements, covenants, conditions and restrictions of record, if any; otherwise, the Purchaser may declare this Contract void, unless the defects are of such chareacter that they may be remedied within 30 days beyond the settlement date. In case action is required to perfect the title, such action must be taken promptly by the seller at the seller's expense. "

In a nutshell the judments against the property have been cleared but there is a hangup contacting the company holding the deed. There are no indications that this will be cleared up in the next 10 days and we have found another house but it seems we are at the mercy of the title company/seller. Is this binding that we have to give the full 30 days?

[HomeGuru]

Originally Posted by imperium

What is the name of your state? Virginia

Can someone tell me what this means?

" Title is to be good and marketable, and insurable by a licensed title insurance company with no additional risk premium. Title may be subject to commonly acceptable easements, covenants, conditions and restrictions of record, if any; otherwise, the Purchaser may declare this Contract void, unless the defects are of such chareacter that they may be remedied within 30 days beyond the settlement date. In case action is required to perfect the title, such action must be taken promptly by the seller at the seller's expense. "

In a nutshell the judments against the property have been cleared but there is a hangup contacting the company holding the deed. There are no indications that this will be cleared up in the next 10 days and we have found another house but it seems we are at the mercy of the title company/seller. Is this binding that we have to give the full 30 days?

**A: the leeway is 30 days past the settlement date provided that the matter can be cleared up within such time.

[imperium]

Yeah but the thing is that there is nothing indicating that this is going to be resolved in the next 6 days. Supposedly the 12 judgements have been cleared but they cannot find out for certain who is holding the title. They THINK they have found the correct company and have sent faxes off to them and so far have not recieved a response back from them, they have been trying to reach a live person without any luck so far. This has been going on for a little over a month now and at this point the possiblilty of getting this cleared up is small.

provided that the matter can be cleared up within such time

That's the thing nobody can tell us if it will be cleared up or not.

[passingby]

aggevating and frustrating to be sure! But you still have to give them the full 30 days.

In the mean time, if you're concerned about holding onto the other property you've found, go ahead and make an offer contingent on your release from the troublesome contract.

[HomeGuru]

[quote=imperium]What is the name of your state? Virginia


In a nutshell the judments against the property have been cleared but there is a hangup contacting the company holding the deed.

**A: please explain the hangup. The deed should have been recorded on title.

Supposedly the 12 judgements have been cleared but they cannot find out for certain who is holding the title.

And, what does this mean?

[HomeGuru]

Very confusing as once a deed is recorded, even if the original is lost, a new deed can be made and if the Seller signed the contract, the Seller should be able to sing as Grantor on the deed. There is more to this story that the writer is not telling..

[imperium]

Well thankfully the contract is dead now, and we are working on getting another place. I'll try to explain what happened.

This is a waterfront community in a very rural area and years back a developer bought 4 million worth of property and subdivided it.
The guy I was buying the house from purchased it from the builder that he worked for about 3 years ago. From what I gather the liens were against the builder not the poor ******* that owned the house. Like I said the judgements were cleared. The problem that drug it out all this time was the bank holding the title was bought out by Washington Mutual and basically it was tied up there. THe lawyers working the title for us could not reach a live person.. or so they say. They had a fax number and IIRC they sent 3 faxes requesting a response which they never recieved.

Bottom line is it isn't my problem anymore, if the seller wasn't such a complete dickhead I would most likely wait this out and buy the house but oh well. Any suggestions on how to get back the 1500.00 I'm out for appraisals, lawyers fees, and the home inspection?

[BradleyS]

I understand how upset you are, but please use #*&#(* instead of profanity. Have respect for other who may read your questions and replies.

Did you have a real estate agent, REALTOR, or an attorney assist you in the purchase offer?

Did the title/escrow company send you a copy of the committment and requirements?

Did the Seller disclose, IN WRITING, usually found in a Seller's Disclosure Form or Property Condition Report, that there were judgements/liens on the title?

My advice:

I would forget about the money, or ask the appraiser, inspection company, etc., for a partial refund, and tell them you will request their services on your next purchase.

If you didn't have a REALTOR, get one. If you had one, they are partially responsible for the oversight and scheduling of professional services. I would ask the REALTOR, to negotiate/reduce their commission if they could.

For your own benefit, do not have any professional services performed until you reviewed the title work. If allowable, I would have the contract amended or an "misc. addition" in the original to read:::

"Buyer and Seller agree that professional services concerning the purchase offer will be performed and the beginning date for any time restricted professional services will begin, when the Title Committment and Requirements been received by both parties.

Buyer and Seller also agree that if Seller cannot provide a marketable title within XX days, this contract will be null and void and the earnest money shall be returned to Buyer."

Now this is an example, have an attorney instruct you or your representative in the addition or amendment to the real estate contract.

DO NOT let your real estate agent/broker write this without the approval of an ATTORNEY. This could be constuded as "practicing law without a license" and if not written correctly could create complications for both parties in the execution of the contract.