What do you do when the notary runs off with your closing papers?

 Update

So, the package finally arrived at the Title company via UPS (notary still missing) Title company looked at the package, of course notary had forgotten to get some signatures for FHA loan from agents. So listing agent and me had to sign additional closing papers. Title company send paperwork to lender late yesterday and lender funded money. I really hope it is over now and my buyer actually legaly owns the home BUT check this whole situation raises more questions as to

WHEN do you wn the house? Keep in mind, last day of contract was tuesday. Buyer signed papers on tuesday but seller did not get his money till late Thursday night.

I just wrote a post with more questions http://www.southbeachesflorida.com/post/1016278/when-do-you-own-your-home-

So, what is your opinion? Did the buyer own the house when he signed the paperwork r not?

http://activerain.com/blogsview/1016278/When-do-you-own-your-home

Regina, that is what I thought, but one twist to all of this was that the appraisal came in much higher that our agreed upon sale price and the seller had a cash buyer waiting in line. So could the seller have backed out?

Jo - Ann, if I only had a choice !!!

To everybody that thought something bad had happened to her. The answer is no, just didn't do her job, did no think is was so important to fax or e mail paperwork back.   Simply ignorant. AND she switched her phone off because it was inconvenient that all these people called and ask for the paperwork.

Charles, that is what I hope for but keep in mind, the lender could not fund the money, so the seller did not get his money in time, it was actually released late last night . So did the buyer actually owe the house after signing? Imagine you are the seller, would you consider the home sold because the buyer signed a bunch of paperwork? If I was the seller I would NOT consider the house sold till I had my money.

Erica, you guess was wrong, she simply did not do her job, went home went to bed, did all kinds of things the next day, never faxed or e mailed it back but sometime on Wednesday dropped it od at UPS. She KNEW the paperwork had to get back to Title company the same night.

Teresa, I am on the buyer's side. He would have been totally stressed out if he knew about all this, but luckily he went to Disney world right after closing and had his phone off.

Ray, Corey and Eric, YES, this is the scary part. This whole situation has raised so many questions.

The buyers usually sign all papers and walks away from the closing table thinking they now own the house, but do they?

What determines ownership transfer? Usually it all happens pretty much at the same time.

buyer signs closing papers and mortgage paper, seller signs deed, title company which already has buyer's deposit and lenders funds in escrow writes checks to every body, buyer takes possession of home.  DEAL IS DONE

But in my case, all paperwork is lost and seller did not get funds until two days after official closing.

I hope I am wrong but we were out of contract on Tuesday night, so could the seller have backed out because he did not get his money?

Barb, she wanted to know if I also worked in another county because her mother was looking for a Realtor, so I promised to find her a referral. But you thought was on target, when the paperwork finally appeared some signatures were missing.

To all of you

check this out, some very interesting answers.

http://activerain.com/blogsview/1016278/When-do-you-own-your-home