Closing date is in a few days but an issue with the title arose, how long will it take to be resolved?
It’s my first time buying a house and I’m supposed to close it on Thursday. My lawyer called me last Wednesday, and she told me that there is an issue with the title. It’s probably because there are 4 names in the title and two of them are dead already. I guess the issue began back in 1998, the last time the house was sold, but it was overlooked and no one took care of the issue. I’m not getting updates if I will still close it on Thursday, or if they’ll push it to a different date. I was wondering if anyone faced a similar issue in the past, and can you tell me if the issue could be resolved quickly or will it be dragged out for a long time? by panolex859 from Brandon, Florida. Jul 1st 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Sadly, there are numerous reasons there could be something wrong with the title. The fact that two of the names are on title are dead people, is likely the issue. Only your attorney and the title company issuing the title report can give you the actual reason and what needs to be done. Many title issues can be cleared up fairly quickly, but if the property was not properly probated with the death back in 1998, it may take time to clear. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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