How do i know for sure if a title is clean? (short sale, real estate)
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if I close on a home as a buyer and the seller chooses the title company, can I be sure that I get a clean title. I have read stories in the newspaper about realtors, lawyers, title companies who are in it and vanish after closing and leave a destructing behind. This happened in florida. I have a contract for a short sale on a home owned by a real estate lawyer and she is going to pick the title company after the lender approves the short sale. So far she is trying to get a deal with the investors from the lender (Countrywide) for a judgment.
I need some help here?
That is what title insurance is for. I am pretty sure, that in NJ it is mandatory you have it for the buyer and seller. Here is Georgia, I had to opt for it, otherwise you are not protected.
I'm in Florida and I don't know if it's mandatory but you always get it so it might be mandatory. But i've read about title companies who are in it with realtors and lawyers to scam people.
I was actualy shocked to do find out when i signed the contract that the seller is a real estate lawyer.... having a short sale?
if I close on a home as a buyer and the seller chooses the title company, can I be sure that I get a clean title. I have read stories in the newspaper about realtors, lawyers, title companies who are in it and vanish after closing and leave a destructing behind. This happened in florida. I have a contract for a short sale on a home owned by a real estate lawyer and she is going to pick the title company after the lender approves the short sale. So far she is trying to get a deal with the investors from the lender (Countrywide) for a judgment.
I need some help here?
In NJ the Seller almost NEVER chooses the title company. The buyer is having the titel search done, and paying for the title insurance, so they (or more likely their attorney) choose the title company. I assume you have a Real estate attorney working with you on this deal. Ask your attorney.
P.S. If you do not have a Real estate attorney working with you, I recommend getting one. In addition, if you need a recommendation for a title company, let me know, I can give you several. Title is state regulated in NJ, so the cost will be the same whichever company you use.
Last edited by Bill Keegan; 01-24-2008 at 09:12 AM..
Reason: Added a P.S.
In NJ the Seller almost NEVER chooses the title company. The buyer is having the titel search done, and paying for the title insurance, so they (or more likely their attorney) choose the title company. I assume you have a Real estate attorney working with you on this deal. Ask your attorney.
P.S. If you do not have a Real estate attorney working with you, I recommend getting one. In addition, if you need a recommendation for a title company, let me know, I can give you several. Title is state regulated in NJ, so the cost will be the same whichever company you use.
+1 you defiitly NEED to have your own attorney and he/she should be the one to initiate the title search. Using the same realestate agent as sellers/buyers agent isnt too much of an issue but attorneys should never be shared.
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