Posted by Kristine-CA on June 02, 2004 at 21:42:13:
Boston Mike: have you actually done a title search yourself? Or gotten a prelim from a title company? It my experience it’s never a good idea to assume what a seller says about title is true. Not that they are lying–very often they just don’t understand the title situation.
If I were you, I’d tie it up with a contract with a purchase price with which you are satisified, making the purchase contingent upon clear and marketable title and availability of title insurance. And then get it into escrow. The title company will tell the seller what they need.
Remember, ownership of a property is not like a car title. The seller doesn’t need a piece of paper from the bank. If he paid off a loan from the bank, there will most likely need to be a re-conveyence to the owner. It needs to be a recorded doc. But again, the title company can help the seller take care of this.
Posted by Boston Mike on June 02, 2004 at 20:14:20:
Hi all,
I have just made a verbal agreement to purchase a piece of vacant, Florida property from a gentleman living in Colorado. He originally had plans to retire down there but has given up on this thought and agreed to let me buy it. The only problem is , the title isn’t in his posession. At some point there was a lien on the property by the First National Bank of Denver. Apparently, this bank was taken over some time ago, and the title was never sent to the gentleman. He said he has paid off all debt, and is up to date with all property taxes as well. He is an older man, and asked that I inquire as to what the best coarse of action would be to obtain the title. Any information offered would be very much appreciated.
Thanks,
Mike