It seems that now, more than ever, the issue of clear and marketable title of real property is becoming more of an art than a science. As previously foreclosed properties change hands from asset holder to asset holder, the chain of title often develops a few weak links.
So it is not uncommon to uncover some defects in the abstract as the date of settlement approaches. And many times, correcting the problems can take some time, and often can threaten to postpone a closing indefinitely.
This is no time to panic. As title researchers become more and more experienced with out of the ordinary situations, the solutions are becoming more and more routine. The key point to remember is this:
Everyone wants the property to close!
So even if settlement is delayed, somebody somewhere will get the title into a marketable condition and settlement will occur.
Good deals often are fraught with some inconveniences, but in the end, it’s a win-win for all parties involved. The buyer gets a great price and the seller has one less property to liquidate.
Patience is a virtue … and it pays off in the end!