Question of the Week from LYTLE TITLE in Williamsburg

By
Real Estate Agent with LONG & FOSTER

 

    Question of the Week

from Lytle Title in WILLIAMSBURG VA



Question:


I've got a closing with an unreleased deed of trust, but the settlement agent who closed the deal is out of business and gone.  What do I do?


Answer:


Unfortunately we are seeing more and more of this as a result of the economy generally and the real estate market specifically.  If the problem is an unreleased deed of trust then sellers search their records carefully to see if they can locate anything from the closing-a payoff statement, HUD-1, etc.  We can usually track down the lender, verify payment, and get the releaase directly.  

If the problem is something else - proof of death in the chain of title, an affidavit, or something to that effect - then we can usually solve those problems as well, it just takes us some time to do so.  But this question really suggests two indirect observations.  First, if the seller had owner's title insurance then the seller would have a better chance of closing on time and would be protected if not.  Second, this is why that buyer should close with Lytle Title.  


Brian Lytle has been doing this work for  two decades and has every file that he has ever closed.


Courtesy of Yvette Smith, SRES® REALTOR®
WILLIAMSBURG REAL ESTATE
757-753-7472
5350 Discovery Park Blvd
Williamsburg Virignia  23188
YvetteSmith@AtHomeInWilliamsburg.com

Comments (5)

Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Yvette - It is always great to have business partners who we feel good about recommending.

Nov 02, 2008 01:38 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Yvette, Thanks for the 'lesson'!  I highly recommend those who are in it for the long haul and fortunately none of my vendors, lenders, or attorneys (who do our title work) have taken down their shingle! 

Debe in Charlotte

Nov 02, 2008 01:55 PM
Bo Hussung
Bell Title /Triserv LLC - Nashvle, TN

Yvette, this is a great idea for a post. I assume Brian Lytle is a Rainer/

Bo

Nov 02, 2008 01:56 PM
Julie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Yvette - What a great post and how wonderful to be working with someone with the integrity to get the job done!

Nov 02, 2008 02:08 PM
Yvette Smith
LONG & FOSTER - Williamsburg, VA
Realtor In Williamsburg VA, Homes for Sale

JENNIFER - Yes & that we trust too!

DEBE - Great advantage to that...longevity!

BO - No, he's not a Rainer.  Read my post on members referred & you'll see my stats!

DONNA - It's a comforting thing to know that you have competent folks backing you!

 

Nov 06, 2008 06:31 AM