Hi, title insurance time? (sales, rent, mortgage)

[jaypp]

Hi

We are waiting for our house to be close, but right now just waiting how long does the title insurance company usually take. So far we have heard from our agent and our attorney say it take 2 to 4 weeks. I'm just not sure if I should paid rent as the end of July, I need to move and is 1950 dollars extra for another month. Just wondering how long other homeowners took?


thanks

[davenj08]

2-4 weeks sound reasonable. but why is there any uncertainity with you moving? isn't the closing date finalized? most home sales process comfortably finishes within 45-60 days which includes inspection, attorney review, title, appraisal, mortgage commitment, etc.

are you trying to close in less than 45 days? if so, your attorney should have told you at the very beginning that it may be too short and there was a risk of not being able to close that soon.

[Sergio M]

Originally Posted by jaypp

Hi

We are waiting for our house to be close, but right now just waiting how long does the title insurance company usually take. So far we have heard from our agent and our attorney say it take 2 to 4 weeks. I'm just not sure if I should paid rent as the end of July, I need to move and is 1950 dollars extra for another month. Just wondering how long other homeowners took?


thanks

Postpone your closing till end of month if possible and keep them waiting for you.

[RochelleVPT]

Generally, your GFE, 1003 and a few other documents are submitted by your lender to a title company. From there, title work begins. Typically, it takes only just a few days to do the searches and prepare the title commitment. Depending on prior mortgages, equity lines of credit, and judgments you may have "conditions" listed on the commitment. Those need to be researched further. Say you paid off a home equity line of credit previously, and it shows as paid on your credit report. In the title search, there is no release for it to be found recorded with the county. It is then the task of a title clerk to contact the lender the line of credit was with and request a release and/or paid and closed letter. Once this is documented, the condition on your title commitment is removed. I have seen clear title policies take as little as seven days up to as long as 20 days. It just comes down to what is attached to your credit and your property.