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Ken, Home Buyer in USA, Mobile, AL

No DEED, What can I do?

Asked by Ken, USA, Mobile, AL Sat Sep 6, 2008

Signed P&S july 7th both parties agree on addendums, closing july 31st both parties agree, 30 day addendum for deed issues both parties agree. August 6th financing pulled back for deed issue. Now fast forward to today 36 days later, still no deed, still no closing. What can I do?

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6
i have received lots of emails from brokers in similar situations and i thought i would share them. The issue with ken is similar in that we are waiting for a signed deed to come from the bank to conduct the closing. In Ken's case it is a little different as the bank that signed the purchase and sales was taken over just before closing. The deed they sent to closing wasnt accepted by the title company that represented the buyers mortgage company. We waited 2 weeks for a new deed and then 2 more weeks to get the deed to the bank to sign and 2 more weeks for the bank to sign it and get it back. There is twice daily emails to the attorney, the assett manager and to the parties involved yet we wait for the deed to come.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Sep 8, 2008
What are the issues with the deed? Can a title insurance policy cover the deed issues? With out a specefic problem its hard to know how to handle it.
0 votes Thank Flag Link Mon Sep 8, 2008
Not much to go on from your post. But here are some suggestions.

Call the closing attorney and ask them specifically what the problem is with the deed and what is causing a delay.. There are some deed issues that are not easily remedied and take time. the key is to know what the issue is and what is being done. If it is an issue that will take too long for your situation you can then assess if you want to go forward and wait.

Is this a bank owned property? are you the buyer or the seller. If you are the buyer and you are purchasing a bank owned property then you have to be very very diligent. Sometimes the process for bank owned properties breaks down. for instance, someone at the bank forgot to issue a request for the closing attorney to do something.
I represented a buyer purchasing a bank owned property and we went two weeks past the closing date. It took daily calls to keep the pressure on the banks closing attorney to get the deed written. We had to escalate the issue with the bank and talk to managers to get them to issue instructions to their attorney to write the deed so we could close.

It is hard to give specific advise without knowing more about the situation. Post more info and perhaps we can give you better guidance.

Regards,
0 votes Thank Flag Link Sun Sep 7, 2008
Unfortanately the bank in question was taken over by another bank during the time the house went under agreement and before closing. The attorney in charge of writing the deed, wrote the deed "bank d in trust for bank g" conveys to the buyer the premises. The problem is the orginal foreclosure deed did not mention bank d as trustee for bank g. Now the buyers title insurance company refused the deed as they said it was a double transfer on 1 deed and wouldnt write title insurance. You would think they would just need to record a deed from bank g to bank d as trustee for bank g then another deed from bank d as trustee for bank g TO the buyer. However now you have 3 lawyers who disagree on the path to take. Days go by, weeks and a month with limited updates with any new news from the attornies. It takes several calls and emails to get a response and the response is always we havent heard anything new. That information gets passed to each party however it doesnt help having to wait and wait. Hopefully the lawyers can iron it out, get the correct deed drafted and get it to the banks attorney for signing and the property can finally close.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Sep 7, 2008
Not much to go on from your post. But here are some suggestions.

Call the closing attorney and ask them specifically what the problem is with the deed and what is causing a delay.. There are some deed issues that are not easily remedied and take time. the key is to know what the issue is and what is being done. If it is an issue that will take too long for your situation you can then assess if you want to go forward and wait.

Is this a bank owned property? are you the buyer or the seller. If you are the buyer and you are purchasing a bank owned property then you have to be very very diligent. Sometimes the process for bank owned properties breaks down. for instance, someone at the bank forgot to issue a request for the closing attorney to do something.
I represented a buyer purchasing a bank owned property and we went two weeks past the closing date. It took daily calls to keep the pressure on the banks closing attorney to get the deed written. We had to escalate the issue with the bank and talk to managers to get them to issue instructions to their attorney to write the deed so we could close.

It is hard to give specific advise without knowing more about the situation. Post more info and perhaps we can give you better guidance.

Regards,
0 votes Thank Flag Link Sun Sep 7, 2008
Back out of your agreement as you are about to get Screwed... Royally!
Flag Tue Apr 30, 2013
your posting is a little vague. Please call me tomorrow Sunday 603-540-4489
0 votes Thank Flag Link Sat Sep 6, 2008
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