"Bring To Date" Termination and Reconveyance Agreement

[Bryan Hancock]

So I am working a deal where the lender didn't give sufficient notice at auction at the beginning of the month this month. The buyer at the auction signed a Termination and Reconveyance Agreement when we threatened a lawsuit for insufficient notice.

I am busy trying to get the title commitment, "Brought to date" for a coaching client. The reconvenance document was recorded on the 9th of June and the "tape" for the title company currently only shows records through the 8th as of today. Apparently we can't do a "walk through" (to the county recorder) for the document via the title company because of its criticality and the risk to the underwriter. Has anyone ever heard of something like this?

The only reason we really cared at one point was because we had contractors lined up to go and they have been sitting on their hands for 2 weeks waiting for this stuff to play out and for us to get title. We agreed to let the seller do some of the work as part of the deal and he raised holy hell about things taking so long so we let him start on a fence with funds paid outside of closing to keep the whole thing from blowing up with more attorneys.

The real reason I am asking about this is because I can see a deal happening in the future where critical items need to be recorded rapidly via a "walk through" to get a commitment to forestall foreclosure. I asked our title folks about this and they claimed deeds and such are fine using this procedure.

Is it only a termination and reconveyance that needs to be shown on the "tape" that yields this 1-week plus lag for issuing a commitment? Has anyone experienced this with other documents that needed to be recorded to issue a lender's policy?