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Updated almost 7 years ago on . Most recent reply
title issue with flip house
I purchased a single family home for cash in October 2013 to flip. This was an estate sale that went through probate before closing. Also i purchased title insurance and they deemed the title clear. I put 65k into the renovation and put it back on the market 3 months later. signed p&s with first buyer for 195k. The lawyer for the buyer finds something wrong with the title, this lawyer was also the probate judge for the city. After getting nowhere trying to deal with the title company to get the situation fixed i hired a lawyer. The buyer backs out. I meet with the lawyers on june 8 2014 they state they are going to file or start the clearing action on june 12 2014. They file with superior court on august 15 2014. They then filed title examiners report on october 9 2014. i have tried to contact my lawyer multiple times to find out where we stand with the title clearing process and my lawsuit against the title company to no avail. As a result of not knowing when the title will be clear we have had to extend the p&s 3 or 4 times. The buyer is now claiming expenses as well as a interest rate change on her loan do to the extended amount of time this has taken . How long does a title clearing typically take? Can i only recuperate expenses with the house from title insurance or more? I feel like my lawyers arent on my side and im paying them 300hr.
Most Popular Reply
- Lender
- Greater LA/Orange County area, CA
- 3,548
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All real estate (and probate) laws are state specific.
I'd feel more compelled to post more thoroughly if, for staters, your profile was complete as well as more info about the state the property is in and more facts.
I get that you're frustrated and running out of patience. You're asking strangers to help you.
Suggest you provide more details.