No Deed From Bay National Title After 50 days.

12 Replies

Closed on a property/wired money July 23.  Bay National Title, FL.  Found a buyer the day after closing, they were ready to close in 2 days.   So holding costs, insurance, grass cutting, taxes on a property for 50 days.   

We still don't have a deed! 

How do we go about recouping our loss for the last 50 days?  It's only a few thousand, not sure if it's worth getting an attorney involved.  


@JP Smith  

  Not sure how long it takes the deed to be returned from the courthouse but that should not stop you selling the property as the deed is off record.. Title co handling the sale should be able to pick up your deed in their title search and then insure title to the new buyer.  Now when I did business in Detroit Wayne county has to be the MOST INEPT county in the whole of the US.. right up their with a 3rd world country.. Deeds and Mortgages would take week if Not MONTHs to get recorded.. The title companies to stay in Bizzness there have to offer gap insurance IE we will insure you from loss between the time you close and by the time the utterly useless Wayne county recorder gets around to recording the Deed or Mortgage.. I don't think that's the case in Florida.. As I do a bunch of deals there and have never had an issue reselling within 30 days.

Thanks Jay.  There is absolutely nothing we can do until Bay National Title gets us the deed.  We have tried several investor friendly title companies, they all said the same thing.

I don't know if we can just send them a bill or file a title insurance claim after it's all said and done.  

Bottom line, we paid for something that we can't sell 2 months ago.

Generally, the deed is recorded within a day or two.  If you've been waiting for a "paper copy" which is useless, to do a deal, that's just silly.  Look online and see if/when it was recorded.

Property address?

Makes no sense that you need a paper copy.  That's just FYI.  The county records are what matters.  What's making you have to wait?

Tried to keep it simple, but to make it a little more complicated, we have something called registered land in some parts of the county I work in.  Waiting on an "Affidavit of Lost Memorandum".   B of A has to sign and record it before title can be transferred to us, then to our buyer.  Last email from title co, "they haven't received return call from B of A.  They just realized this last Friday after 5 other mistakes and now another week passes.  

Does that mean you are buying a REO and waiting for the seller (B of A) to clear up title issues? You say "before title can be transferred to us", so it sounds like you haven't even truly closed on the purchase. Ttle issues are not uncommon with REOs. Seems odd that its sort of transferred to you (so you have to deal with cutting the grass) but not really (so you can't sell it.) I've been there with REOs and we just didn't close. In that case, they fixed their issues and the closing was completed the next day. A different defect was discovered some months later when I refinanced, and that took a while to resolve.

Why is it you're responsible for insurance and the lawn if the title wasn't transferred to you?

Registered land.  It's confusing.  It is what it is though.  I guess we will file claim on this title insurance......when we get it.  

@JP Smith  

  sounds like you don't own the property yet is the best I can decipher from your description of events... However as others posted above the paper copy ( of the recorded deed) once actually recorded is not an important document to keep on hand as its of record and in many counties it takes 30 to 90 days or more to receive the original back in the mail.. Original notes now you want to keep those on hand.. And in the day in CA we used to endorse the back of the Trust deed when paid off .. there was a spot there for signing the reconveyance.. But those have all changed to separate recon docs.

Uh no, you won't have any claim on the title insurance for holding costs/whatever.  This is why I encourage buyers to spend the extra money and use their own title co., as the ones used by the banks,, etc......suck to high heaven.

Wayne, you're right.  I don't know why I do it.  It's one of those simple things you need to hear every once in a while.

Now that you say it, using sellers title company from Hubzu is taking months.  

I'm going to find out now if I can fire them and use my own.

If you're having an issue of months, sounds like a defective foreclosure maybe.  Their title co.s just tell you "we have a title issue we're working on", where your title co. would tell you "they screwed up the foreclosure, and have to reforeclose".

JP, I happen to know the founder of Bay National personally through my dealings with them. I've never known them to not resolve a legitimate concern. Our company, Castle Rock, works with them and we've never had an issue. In fact, we just sold a property in IN through them on Friday. Perhaps you could reach out to me off line with your concern. I will personally elevate that concern and introduce you to the head of Bay National. We're both in the same city and see each other more than once per week. Unless there is something missing from your post, I can't imagine them not taking care of an issue. 

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