Seller can’t close because of title problem In R.I

Seller can’t close because of title problem In R.I

Member since 2020 · 12 posts · 1 vote

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

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    6y

    @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.

  • Member since 2020 · 12 posts · 1 vote
    6y

    Shouldn’t my agent be giving them extension to fix it??? The closing suppose to take place tomorrow ( Fri 29th )

  • Member since 2020 · 12 posts · 1 vote
    6y

    I think the sellers lawyer is calling the title insurance company to see if they can fix it so we can close?

  • Member since 2020 · 12 posts · 1 vote
    6y

    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

  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y
    Originally posted by @Fay Brown:

    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. 

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