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Hello all, I am in quite a situation I'll tell you.
I am buying this condo that was foreclosed, I currently lived in it for a year and it is basically selling for 60% less than what it sold for at the top of the market.
Everything on my end went great, I got my mortgage, attorney, contracts signed etc.
Now time to get the condo docs...we get them, my attorney's title company does a title search and comes up with some things that need changing.
The seller (bank) is not willing to make these changes.
My attorney's title search company isn't really known well or heard of, and just about every unit that was bought in this complex has used Fidelity.
I asked him to use fidelity and he says he is not a agent and therefore cannot.
The bank has given us a deadline to close or consider the deal "dead", as we have now passed our closing date...
So! Can I hire a different attorney who uses Fidelity as a title company, get the title search done ASAP, and have every thing clear?
(This would be considered changing attorney a week before I close)
What did the title search reveal? This is very important because it could very well mean that they discovered a cloud on title of some sort. Which means, your "ownership" is not very secure, you could be held responsible for something you have no control over, or a number of other things.
At the very least you must understand what the title search found and how it affects you, the ownership of the property, and the ramifications if the title is not made right. You must also understand what an owner's Title insurance policy is and what it will protect you from.
Another title company is going to find the exact same things that this one found. They all use the same public records searches, UCC searches etc as their sources of information.
What made you choose this attorney in the first place? Do you now feel that he does not have the knowledge to advise you?
Now time to get the condo docs...we get them, my attorney's title company does a title search and comes up with some things that need changing.
The seller (bank) is not willing to make these changes.
It would be helpful to know the issues uncovered by the title search. If another title company discovers the same issues, how would that help? You either need to resolve the issues or move on.
Because everyone who bought these units had no problem, the last person who did was actually on my floor and it was 2 months ago. These docs were made YEARS ago and no changes ever being needed.
Yes I know what the so called title problems are and they aren't really problems my attorneys title search company is just being anal.
Doesn't make sense that 40+ people can buy their condo without a title problem and then when I go to use some little unheard of crappy title company I have a issue, funny.
Are you buying from the developer? If not, and there have been other transactions on your unit it is likely that the "other 40 deals" do not matter -- the title issues have to be resolved.
On the other hand there are inexperienced / incompetent title firms. If the firm is incorrectly reading info you can / should escalate the issue to the highest levels of the firm -- your agent / broker should have already gone to bat for you.
If you are trying to do this without appropriate help perhaps you've learned yet another reason that doing a deal without an experinced team of real estate agent / attorney / lender is not recommended...
You have an attorney, so ask your attorney to give you a written opinion on the results of the title search, along with written advice on how to proceed.
Hello all, I am in quite a situation I'll tell you.
I am buying this condo that was foreclosed, I currently lived in it for a year and it is basically selling for 60% less than what it sold for at the top of the market.
Everything on my end went great, I got my mortgage, attorney, contracts signed etc.
Now time to get the condo docs...we get them, my attorney's title company does a title search and comes up with some things that need changing.
The seller (bank) is not willing to make these changes.
My attorney's title search company isn't really known well or heard of, and just about every unit that was bought in this complex has used Fidelity.
I asked him to use fidelity and he says he is not a agent and therefore cannot.
The bank has given us a deadline to close or consider the deal "dead", as we have now passed our closing date...
So! Can I hire a different attorney who uses Fidelity as a title company, get the title search done ASAP, and have every thing clear?
(This would be considered changing attorney a week before I close)
Thanks.
Once the cat is out of the bag, its out. Every subsequent title attorney will examine the prior title search. Warts on the title are usually bad for the purchaser too. Generally your next step would be to find out what must be done to clear the title and how much that will cost. Prob. better to count your blessings and go on to the next acceptable property.
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Missed a bullet
