We put a large non-refundable deposit down on a home we want. 3 days before closing our lawyer said there’s problems with the sellers deed so we cannot close as promised...What are our options as getting our deposit back?? The sellers agent said the deed will get fixed but it could take 3 or more weeks...??? Is that grounds to get my deposit back because seller cannot produce clear and good deed on closing date? This is in R.I
@Fay Brown If you want out of the deal, then I'd check with your lawyer as the seller had problems on their end. Otherwise, 3 weeks is not a long time. Give them an extension, but stress that if it is not done by a certain date, you get all of your deposit back plus expenses (inspection, lawyer, etc) at that time.
It never happened and we got our large deposit back w/o extending the contract ....I personally think all sellers should be responsible for doing a title search BEFORE listing there homes...This way the buyer isn’t wasting time waiting 3-4 weeks to find out there’s a problem with there deed...The buyer and seller can split the bill but at least they have answers with-in a week of signing p/s
It never happened and we got our large deposit back w/o extending the contract ....I personally think all sellers should be responsible for doing a title search BEFORE listing there homes...This way the buyer isn’t wasting time waiting 3-4 weeks to find out there’s a problem with there deed...The buyer and seller can split the bill but at least they have answers with-in a week of signing p/s
Buyer picks title company per federal law. Youd need to change federal law if you want that changed. Respa.