Recently I have had two approved short sales delayed because of unresolved title issues which were not discovered until the Purchaser completed their title exam. In both cases, the Purchaser’s settlement agent did not order the title exam until after the approval by the short sale lender.
Please do not wait to order the title exam. I recommend the following:
Listing Agent: Immediately with the listing, order a one owner title update. This update discloses all Deeds of Trust, liens and judgments which need to be negotiated.
Selling Agent: Request that the Purchaser’s attorney order the title exam very early in the process. Even though the listing agent may have a one owner update, the full title exam may undercover other problems which can be resolved while waiting for approval from the short sale lender.
For more information about this issue please review two previous Tucker’s Tips, #18-2009 & #40-2009
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
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