You think getting a contract on your home is all the seller has to be concerned with, and often it is. But the reality is you have to get thru inspections, which often opens negotiations up all over again. And then there is the appraisal. We have to rely upon a representative from the bank that confirms that the house is worth what the buyer is willing to pay. If you are lucky these are the only hurdles you have to jump thru.
This the story of Berrymeade where things did not go as planned. We knew that the home had transferred owners within the family but what we didn’t anticipate was the deed not being transferred properly or recorded of record when the property was transferred initially. In the meantime, three of the parties attached to the original ownership of the property had died. Leaving two siblings and a spouse. One of whom inherited the house. Complicating all of this was the fact that the original owners who gave the property did not have a will upon their death. They are lucky that the state did not step in and take their assets. Which they have every right to do if someone dies without a will.
There is an old saying “dead men tell no lies”. Let me assure you dead men also can’t verify their intent.
Working with a good title company was instrumental in rectifying this problem and a lender who was willing to go to bat with the underwriter to get acceptance of the deceased wishes.
Closing was held up over a week to clear the situation.
Several lessons to be learned from this story.
1 – Have a will, however simple it may be. Everyone needs one.
2 – Use a knowledgeable, tenacious Realtor to represent you.
3 – Your choice of title company makes a difference. Choose wisely.
4 – When you buy a property or transfer it from one party to another you, should receive a recorded title in the mail from the county in which you bought it withing 30 days of your purchase. If you do not contact the title company immediately. As they are the people that file it of record.