Title and survey issues delaying closing

[Courtney Smith]

Hoping for some guidance from experienced investors. Under contract on a property (my first) to be used as STR in north GA. There are a couple of issues with title and survey that will cause closing date to not be met: (1) Survey doesn't match what's on file with the county. Previous contract on property fell through for same reason. New survey WAS completed in late August. Not sure why county hasn't recorded it yet. (2) Issue with title. Current owner bought property via quitclaim deed from a couple (non-family) that owned it for 20 years. Last I heard, atty was working with LA to either get previous owners to grant new title to current owner (?) or have current owner prove title insurance. I feel like there has been little effort made to keep me in the loop. The broker for my BA has stake in the law firm that is closing. Previous owner and LA have not been forthcoming about even simple info about the property. The whole thing is giving me the heebie-jeebies now.

If closing day is missed, can I get out of the contract. FYI, this is a cash sale, that I would have thought would be over and done with by now. We’re almost 30 days past contract signing. 

[Peter Walther]

Quote from @Courtney Smith:

Hoping for some guidance from experienced investors. Under contract on a property (my first) to be used as STR in north GA. There are a couple of issues with title and survey that will cause closing date to not be met: (1) Survey doesn't match what's on file with the county. Previous contract on property fell through for same reason. New survey WAS completed in late August. Not sure why county hasn't recorded it yet. (2) Issue with title. Current owner bought property via quitclaim deed from a couple (non-family) that owned it for 20 years. Last I heard, atty was working with LA to either get previous owners to grant new title to current owner (?) or have current owner prove title insurance. I feel like there has been little effort made to keep me in the loop. The broker for my BA has stake in the law firm that is closing. Previous owner and LA have not been forthcoming about even simple info about the property. The whole thing is giving me the heebie-jeebies now.

If closing day is missed, can I get out of the contract. FYI, this is a cash sale, that I would have thought would be over and done with by now. We’re almost 30 days past contract signing. 

If you do go to closing, I suggest you make sure you understand what the problem was and how it was cured.  Please also review your title commitment carefully and be sure you understand what each exception and exclusion from coverage that will appear in the policy means.  That may require you review it with an attorney if you're unfamiliar with insurance policy jargon.  Please keep in mind, a title insurance policy does not guarantee you have good title, it merely protects you from monetary loss, as defined by the policy, up to the amount of coverage for problems caused by a covered matter.