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I just bought a house with cash. After we did the closing the lawyer that did the closing gave me only couple of docs one of these docs was the warranty deed. When I asked where is the title insurance that I pay for, he told me that I can get it only after the deed will be come back to his office after recording it. Is that true ? How can I be sure that I bought the house free and clear if I don't have title insurance at the same moment when we did the closing and I paid all the money ? Thank you
I would check with the lawyer and see if the title search was ever done. Perhaps he thinks you are just asking for the paperwork on the insurance policy. The fact that you paid for it at closing makes me think it was probably done and this is just a misunderstanding.
You are right it is usually done before the closing, but then most purchases have a mortgage and so clear title is required by your mortgage holder before the closing is ever scheduled (and you actually are paying for 2 policies, one for you and one for your mortgage holder).
Since you stated that you paid for title insurance, I'll assume you have it. It is common here in my part of Florida for the original deed to be sent to the clerk of the court for recording and for the recorded copy to be sent to the buyer after about a month or so. I'm not sure how long it takes for the policy to show up but the closing agents usually talk in terms of 4-6 weeks. So, what you are describing seems to be consistent with my local experience but call the attorney and confirm it.
If you have paid for title insurance (verify on the HUD1) then you should receive a title insurance policy with a few weeks after closing. The attorney is correct. Once he/she records the Deed, their office prepares the final title opinion along with any other applicable docs and sends to the title insurance company for processing. Timing depends on how quickly the attorney sends the information in and the title company processing it. If you don't receive it within 30-45 days of closing. I would call the attorney for a status.
Two issues...Title Search, and Title Insurance. Usually contracted with the same Company. You want to make sure, for obvious reasons, that the title search is done prior to closing, and that, at closing, you have clear title. The Insurance of this title commences at closing, and as has been said, the 'official' insurance policy document will arrive a few weeks later when all of the dust settles.
What does your attorney mean by "can get it". Get a document in hand or buy it? I know what he should mean and if he doesn't mean that you should worry about how good a closing attorney he is.
I just bought a house with cash. After we did the closing the lawyer that did the closing gave me only couple of docs one of these docs was the warranty deed. When I asked where is the title insurance that I pay for, he told me that I can get it only after the deed will be come back to his office after recording it. Is that true ? How can I be sure that I bought the house free and clear if I don't have title insurance at the same moment when we did the closing and I paid all the money ? Thank you
This is something that should have been asked before closing. You should have reviewed the title commitment which outlines the conditions under which the title policy will be issued. With some title policies, there are significant exceptions to the title policy which the title company does not insure against.
The good news, however, is that you received a warranty deed--so there are some protections which go along with that sort of conveyance. Chances are, if a title policy has been ordered, you should be okay. But, still, assuring that prior to closing is a standard practice.
I can only assume that you had neither an agent or an attorney representing you. Be more careful next time. Hopefully, this transaction will be okay.
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