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Updated 5 months ago on . Most recent reply
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Escrow won't close
I bought a piece of property that ended up having five brothers that had to sign off on it they wanted nothing to do with the house so they signed quitclaim deeds (notarized) and one brother who signed over a grant deed. When I went to sell the property the new buyer wanted to get title insurance and the Escrow Company AKA also the title company ) Did thier checks and said I would need a notarized uninsured deed paper for each of the quitclaim and the grant deed guy as well. I downloaded the forms and got the notarized signatures. The Escrow lady was furious said their own notaries were the only ones who could do it and each person would have to fill out a "Statement of Fact" statement of facts from each of the people that had signed the quit claims the problem with this is that three of them that absolutely want nothing to do with the property and don't want to be bothered and are mad as hell because basically they had signed off on it and considered it done, and then not only did they want them to resign with their own notary but to fill out the "statement of fact" which asked a lot of personal questions that nobody wants to give the answers to this day and age let alone on a property that you are having nothing to do with anymore. From what I understand every time the house sells this is going to happen at what point will they not ask it anymore and what happens when they refuse ? One of them told the escrow lady to go f off he wasn't giving her the information and she just informed me (as snooty possible ) as possible that she would not be able to close without it what do I do in this situation
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- Lender
- Lake Oswego OR Summerlin, NV
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Quote from @Peter Walther:
I'm assuming you purchased without getting a title insurance policy yourself, if I'm wrong, I suggest you submit a claim to the insurer. If I'm correct, this situation is why you should have. The insurer would have made these requirements then and you wouldn't be having this problem. I suspect the new title examiner has found something in the chain of title or the execution and notarization of your deed that makes them unwilling to rely on it to issue your buyer a policy without exception for the concern(s). You might tell your grantors that if they don't assist you now, you may have to bring a quiet title action to resolve the issue and that might make their lives even more complicated. Of course, you might want to consider the possibility that there is a real legal reason why they don't want anything to do with the problem, like they didn't actually have the right to give you a deed.
with all the fraud these days and wholesaler deals.. unless you have the TITLE company themselves do the QC many simply wont take on this liablity.. and I highly doubt the escrow officer was Furious LOL.. Also many title companies TODAY require a KNOWN notary.. so either they do it or they send you a vetted mobile notary that will cost you 150 to 200 for each sig.
and yes this is why you dont buy the way the OP bought.. now he has a to chase his tail all to save a few bucks up front on title and escrow fees.. Hopefully others on BP will take heed and not do deals this way unless they intend to keep them for life.. And or never borrow against them.. if your keeping it for life and never going to borrow against it thats another story.
- Jay Hinrichs
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