TItle Error on REO Property Severly Delaying Closing

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TItle Error on REO Property Severly Delaying Closing

I have been attempting to close on an REO property for over one month now. The original close date on the contract was May 29th, but this has been ammended 3 times due to a problem with the title (the bank’s name was not properly recorded), bringing the date now to 7/10. I am now told that the title still will not be ready and am faced with a situation where I must vacate my rental property and have no where to go. Additionally, I am told a real estate lawyer will only delay the process further. I must close in two weeks or will else walk and find somewhere else to rent. What can be done?

Asked on July 2, 2009 under Real Estate Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You can tally up your costs for such delay, contact your state's Banking Department or Dept of Financial Institutions to determine if a) that agency regulates the bank/entity responsible for this error and if not b) contact your state's attorney general.

Lawyers don't always delay things -- hiring a real estate attorney may at times be the catalyst needed to get you to closing.  Try www.attorneypages.com and check his or her record at the Florida State Bar.

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You can tally up your costs for such delay, contact your state's Banking Department or Dept of Financial Institutions to determine if a) that agency regulates the bank/entity responsible for this error and if not b) contact your state's attorney general.

Lawyers don't always delay things -- hiring a real estate attorney may at times be the catalyst needed to get you to closing.  Try www.attorneypages.com and check his or her record at the Florida State Bar.


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