Ozark_Sophist
Senior Member
What is the name of your state? Missouri
Finally got the contract signed today. Made sure the little things were spelled out and defined to prevent the trouble I went through to fix the error in my legal description.
Delivered the contract to the bank/loan officer. He had the title report and appraisal. Appraisal what I expected, though appraiser missed an entire floor of our house (complicated-we have two stair cases and two second floors that don't connect, so we need to get the appraisal adjusted). Plus the appraiser counted only one of our two bathrooms. This appraiser does not get a gold star.
Because of the title errors we just got fixed, the bank went with the best title company in town for the title insurance on the property we are purchasing. They found two issues. This title company gets a gold star.
1. Prior owner of the vacant land we are buying took out a loan from a family member. There was no deed of release recorded. Seller was aware of this loan per his title report and believed it should have been paid off when they closed in August. Waiting to find out more information on this point, but we figure the title company failed to record the deed of release.
2. This the seller was not aware of: "Transcript Judgement #XXXXXXXXXXXX-01" filed in the office of the clerk of the circuit court ... filed ... 2004 ... against [prior owner] in favor of American Express Travel Related Services, in the amount of $2763, plus costs [etc]."
Though this is the seller's problem, we would like to close as soon as possible so we can get and out on some pond construction while the area is still relatively dry. Hopefully both issues were addressed at closing in August. If not, the seller would go after his title insurance to solve the issue? What kind of time involvement? Also, seller asked me how the title search found the transcript judgement since it was not recorded at the recorder's office? --I'm kind of curious about that one as well, but glad they found it.
Thanks
Finally got the contract signed today. Made sure the little things were spelled out and defined to prevent the trouble I went through to fix the error in my legal description.
Delivered the contract to the bank/loan officer. He had the title report and appraisal. Appraisal what I expected, though appraiser missed an entire floor of our house (complicated-we have two stair cases and two second floors that don't connect, so we need to get the appraisal adjusted). Plus the appraiser counted only one of our two bathrooms. This appraiser does not get a gold star.
Because of the title errors we just got fixed, the bank went with the best title company in town for the title insurance on the property we are purchasing. They found two issues. This title company gets a gold star.
1. Prior owner of the vacant land we are buying took out a loan from a family member. There was no deed of release recorded. Seller was aware of this loan per his title report and believed it should have been paid off when they closed in August. Waiting to find out more information on this point, but we figure the title company failed to record the deed of release.
2. This the seller was not aware of: "Transcript Judgement #XXXXXXXXXXXX-01" filed in the office of the clerk of the circuit court ... filed ... 2004 ... against [prior owner] in favor of American Express Travel Related Services, in the amount of $2763, plus costs [etc]."
Though this is the seller's problem, we would like to close as soon as possible so we can get and out on some pond construction while the area is still relatively dry. Hopefully both issues were addressed at closing in August. If not, the seller would go after his title insurance to solve the issue? What kind of time involvement? Also, seller asked me how the title search found the transcript judgement since it was not recorded at the recorder's office? --I'm kind of curious about that one as well, but glad they found it.
Thanks