Query by Blake L: How long does it take for a Title Firm to get a true estate abstract?
My mortgage officer referred to as these days and stated all we are waiting on is for the Title business to get the abstract back and get the approval for it. My closing date is Friday Feb 29th. Do you all feel they will make it by then, and is there any more measures? I am confused. What occurs if they dont close it by the 29th?
Very best answer:
Answer by DannoREA
If you cannot close since your title company cannot get the documents ready on time, you could default on your contract. Given that the seller just desires his income, he could potentially sue you for the cash, but that is worst-case scenario. If there was a defect found in the title, the seller wouldn’t be offering you free, clear and marketable title, so you could potentially stroll away. All depends on how your contract is worded.
This is why I often insisted on ordering my abstracts to arrive a week before settlement was scheduled for the duration of my days as a title clerk. I often got abstracts back within 24 hours (and this was for the duration of the busiest time of the boom) so it does not take quite long. Granted, if the title company had to downsize due to lack of business, there may only be one person carrying out them now.
Your greatest bet is to call your Realtor, and make positive s/he is on the ball and every little thing is set. Remember, that Realtor won’t get paid unless your closing goes by way of. They need to see their commission verify, so I am sure they’re waiting on that abstract as well!
If you do not have a Realtor, contact the title organization.
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