Nadia,

Simple answer - No. If a title policy is purchased for the Buyer, they usually purchase it.

Dave G.

Wed May 14 2008, 15:23

Nadia,

I'm not an attorney, but my wife is a real estate attorney here in Georgia. You may need to allow them the 7 day unilateral extension before you can terminate, but all contracts are different and I'm sure that there are special addendums that apply to your deal.

If you know who the closing attorney is they are the ones doing the title work and you should be able to call them and find out what is going on. Clearing Federal Tax leins can take some time to get worked out. You know how quick they pave roads!

If you don't have an agent or attorney working with you I would advise that you hire someone to review your documents before you terminate. Your earnest money is at risk I'm sure.

Feel free to contact me if you need assistance.

James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com

Wed May 14 2008, 13:01

Hi Mike,
I posted this question here originally and here's my story. we are trying to buy a foreclosure owned by SunTrust. Right before the closing date it turns out that the house has an expired Federal Tax Lien on it. As I was told by my mortgage - no big deal, just county books need to be changed. Now, the bank is saying they want to do an ammendment to the contract and extent the closing date by another 3-4 weeks to get this discrepancy taken care of. We are not willing to do that as we have sold out house and are staying in an extended stay hotel and want already some certainty when we will be moving into a house. With SunTrust's approach nothing is for sure and these 3-4 weeks can turn into 5-6 or more. And my question is when we can terminate this contract based on Seller's negligence to get the title cleared or at least order the title work when the contract was signed and their failure to close on time ( originally should be MAy 15 now they are saying maybe June6). or do we have to at first give them the right to exersise the 7day mutual extension???

thanks
Nadia

Wed May 14 2008, 11:43

Hi Nadia. A buyers title policy is optional in the state of Georgia. Also a title policy is considered a closing cost and therefore would be a negotiated item in the amount of closing costs the seller and buyer agreed on at the time of contract.

Wed May 14 2008, 11:35