Home Buying in 89122>Question Details

Penny Hess, Home Buyer in Las Vegas, NV

What can you do when a title company doesn't record the home just purchased after 3 days?

Asked by Penny Hess, Las Vegas, NV Tue Jan 18, 2011

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Steve Matthews’ answer
Hello Penny,

I hope it isn't too early to say Congratulations! But, it is good to hear that you might finally get to move in this weekend. Perhaps the housewarming will seem all the sweeter since youhad to wait so darn long to get in.

It sounds like you got hung up at step #1 below... Your lender's underwriter didn't like what she saw with the documents and required a resign.

Best wishes for you in your new home. From tomorrow on, may your home only bring you peace, comfort, and joy.
1 vote Thank Flag Link Thu Jan 20, 2011
Hello Penny,

It is perfectly alright for you to respond in this forum. The ongoing dialogue is interesting at least, and instructive at most. Sorry to hear about the hangup. I have seen this happen, but rarely. I feel quite confident that the Escrow Company is not trying anything nefarious. They have absolutely nothing to gain from holding up the recording, but much to lose, if they record without the requisite approvals I mentioned in my first post. I would look to your either Wells Fargo for the hold-up (They do get stuck in the tangle of paperwork sometimes), or some problem with the Seller. The Title/Escrow company is an independent third party that is paid to connect chain links. One of the Last links in that chain is the Recording, but if the other links aren't connected, they are prohibited by law from recording. But your agent certainly should be able to get and give you a straight answer.

Just out of curiosity, is this a Short Sale or an REO?

Again, Best of Luck, and thanks for reading.
1 vote Thank Flag Link Wed Jan 19, 2011
Hello Penny,

In Politics there is a common phrase; "All Politics is local". In many ways, but particularly when it comes to customs, regulations, and everyday practice, we might be able to also say, "All Real Estate is local". Once again, we are getting information from other States that has nothing to do with Nevada. While it may be a custom, regulation, or common practice in New York to wait days before recording, or record on certain days, in Clark County, Nevada, once the documents have been signed and approved by all parties (as I mentioned in my earlier post), they are immediately released for recording.

The challenge is to get everything approved prior to the "Deadline" that the individual Escrow company has for releasing docs to be recorded. Some have a 10 or 11AM deadline, many have a 2PM deadline, and once in awhile (rarely), if the recording the Escrow officer can be persuaded, the documents may be taken down to the Recorder's office with strict instructions not to record unless a phone call is made allowing them to be recorded, which can extend the time to as late as 4 or 5pm, depending on how busy the Recorder is that day.

Penny, I am going to guess by the time you read this, your deed has been recorded and you are in the process of moving into your new home. Please post and let us know how things turned out.

As always, best of Luck, and thanks for reading.

Steve Matthews
Prudential Americana
1 vote Thank Flag Link Wed Jan 19, 2011
Hello Penny,

I can appreciate your angst over the apparant delay from the Escrow company not recording your deed, so you can move in. There is little more frustrating than to deposit your down payment into escrow, sign all of your loan docs,and then not be able to close. Especially when this whole process started probably at least 30 days ago with the finding, and the contracting, and the applying for a loan on the home. Then with all the hoops you have had to jump through and all the stuff (short of a blood test) you have had to provide, you just want it to be over. The Escrow company, your lender, the Seller, and both agents all want it to be over too. No one gets paid until it records. So, why hasn't it recorded yet?

There are a number of things that have to happen after you sign, before it can record. Let's look at the Ducks that need to get lined up in order for you to finally enjoy your home.

1) Once you have signed the loan docs and other required Escrow papers, the Loan docs have to be approved by your Lender. Some authorize based on faxed or emailed loan docs, but (and especially if your docs originated out of state) and depending on your lender's strict policies, your lender may want to physically review "wet signed" docs before they will allow the deed to be released for recording. This can happen at the closing table, or take as much as 48 hours.

2) If it is a Short Sale, the Seller's Lender will require that they have the opportunity to accept the HUD1 (AKA Settlement Statement). This can happen in as little as a few hours, to as long as 3 days. I had one case where it took nearly a week to get approval because the closing negotiator was out of the office. If it is an REO, the Seller (a Bank) is going to have to review and approve the HUD1. This usually takes no more than 24 hours, but can take 48 hours to get approved.

3) If anything is not exactly correct, that can delay the closing.

4) If there is an HOA and the escrow company had to rush to close escrow, it may not have the "Demand" back from the HOA. This can add 10 days to the process.

5) If the HOA Demand or ANY other costs have gone up from the amount on the HUD1 that either the REO Seller (Bank), or the Short Sale lender, which means that the Bank is going to have to come up with more money, that has to be approved and/or negotiated as well.

6) If there is a Holiday like MLK day yesterday, there is another day.

My advice... Take a deep breath, relax, trust all of the people around you to collectively do their jobs, and close your eyes and imagine how you are going to finally be able to enjoy your beautiful home which you got at a bargain price, and soon enough, it will be yours.

Congratulations, Best of luck, and thanks for reading

Steve Matthews
Prudential Americana
1 vote Thank Flag Link Tue Jan 18, 2011
This house is a forclosure not a short sale. We were finally able to get to speak with someone at the title company. They are actually working on it and maybe, 8 days or 5 business days after we signed closing papers, they might get it recorded tomorrow. They said Wells Fargo needed a bunch of paperwork signed and filled out again. That was their excuse when they waited a week between the time Wells Fargo said they were clear to close and the actual signing of papers at the closing table. But they said it had to be done all over again and needed more paperwork from this laim lender we went through, then today we had to sign the 3rd extention for closing since we were now out of contract again. Maybe it will record tomorrow. The man we are talking to at the title company seems to know what to do and is not a jerk like the woman that was supposed to be our closer.
0 votes Thank Flag Link Thu Jan 20, 2011
Thank you Steve Matthews for your last post. I am not sure I am doing this correctly to answer you, but unfortunately you are incorrect about the progress of this recording. . Wells Fargo is our lender and the title company said before we could do a closing they had to re-approve all of the paperwork. That was done and on Thursday we signed papers and did our wire transfers as we put 20% down on this property. They did not record it on Friday. Monday was MLK day, Tuesday our realtor emailed the title company and they responded very short this will not record today. No explaination, no nothing. We have sent them an email letting them know that we are prepared to see an attorney if they do not record or tell us why they have not recorded. Their response was I'm sorry you feel that way, we are working very hard on your file since we recieved lender instructions. That's it. Getting very angry at their attitude and incompetence. Ready to take legal action since they are not willing to even explain the holdup. Without communication we must assume their intentions are nefarious.
0 votes Thank Flag Link Wed Jan 19, 2011
Hello Penny.

Title companies RARELY record a title after 3 days if the loan was processed with a traditional lender.

Most files are not compete after everyone walks away from the table and the title company may have to prepare copies and review the file before it is recorded. You must remember that the average title company also has an underwriter who might want to review and approve your file before it is recorded. It is not unusual that several days after a closing the title company would call and request an additional signature or document.

Finally, title companies do not rush to the office of the county clerk with one file. This process is done on select days to obviously save time and money. The title company's delay to record the documents normally in no way affects the buyer. Some borrowers actually rush out to purchase another home before the documents and note is recorded.

0 votes Thank Flag Link Wed Jan 19, 2011
I think you are not giving us the full information in this question. Properties may not record for three days due to your bank not funding the mortgage. After it is funded, it is usually recorded within 24 hours.
0 votes Thank Flag Link Tue Jan 18, 2011
Which title company is it (if I may ask)? Do they tell you the reason why they are not performing the recording? Talk to the manager/supervisor at the title company. If nothing helps, then call the Nevada Division of Insurance : http://www.doi.state.nv.us/default.aspx
Web Reference: http://www.LVRealDeal.com
0 votes Thank Flag Link Tue Jan 18, 2011
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