Hi Im going a little nuts selling my condo by myself.
I have buyers (who happen to be my next door neighbors)
who have spent the last month never getting around to actually signing the contract to buy. (First they said they were on vacation, then they said theyre lawyer was on vacation, then they're daughter was having a big event)
Now they say is that the only reason they can't settle "right away" is because their lawyer is telling them a title search could take upto 45 days.
Does this make any sense ?
I thought a title search took no more than two weeks to complete.
I own my place outright with no mortgage.
Can someone give me the scoop on the maximum time a title search should take for selling a condo in NJ ?
I feel like Im being played a bit.
:(
Thanks all.
2006-06-28 19:09:26 · 7 answers · asked by Leea 1 in Business & Finance ➔ Renting & Real Estate
Sorry, but your neighbors are playing you quite a bit. Am former RE agent in MA and former atty in CA (and have owned RE in both states). Sales contract either is, or immediately follows, the signed offer. Title search, proof of financing, inspections, etc. occur AFTER contract is signed. Amount of time for title search depends mostly on how busy the title company is, and partly on how many previous owners of the property there are. Actual work involved in title search can possibly be done in as little as a day, and that's with manual searching through docs and archives. But with scheduling a person to do it, two weeks is realistic and generous. One reason some owners choose to use RE agents is to avoid these and other hassles from prospective buyers. Overall, the time from signing the sales contract to the closing usually ranges from 4-8 weeks, and some of this time factor is just what is traditional in your state or area. Usually a time frame for closing will be specified in the contract.
Another issue, though: since you owe nothing on it, have you considered renting it out ? If you need $ from it to purchase another property, you could get a home equity loan.
best wishes...
2006-06-28 19:35:10 · answer #1 · answered by eye4math 1 · 1⤊ 0⤋
it is POSSIBLE for the title search/closing & settlement paperwork to take up to 45 days to complete, if say, the attorney is out of town, very busy, etc.
i've seen a title search on a foreclosure property take 6 months to get back, but that was because it had a number in the tax map number transposed.
usually, 30 days is sufficient to have a title search done.
45 days to have it done may mean that the people are out of town, or that the attorney is slammed with closings, etc.
i'd talk with them about this matter, and ask why they feel they need 45 days. if they have a legitimate reason, then let them have the time.
hope this helps!
are you using a realtor? you should be!
2006-06-29 02:33:17 · answer #2 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
In NJ the average time for a title search is 1-2 weeks. You're being played.
2006-06-29 00:55:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I don't know about NJ but here there are deeds filed in other counties and sometimes other states. The Title should be in their name and usually the search verifies that and that there are or are-not any leans filed against the property,and sometimes there is a waiting period from the first verification and the final
2006-06-28 19:23:03 · answer #4 · answered by Robert F 7 · 0⤊ 0⤋
Title searches are resolved in less than two weeks I Promise you.
jonnylender@yahoo.com
2006-06-29 11:44:10 · answer #5 · answered by jonnylender 1 · 0⤊ 0⤋
No way Max 1 week ,Fire your Lawyer.
2006-06-28 22:13:23 · answer #6 · answered by MDW 2 · 0⤊ 0⤋
in missouri it took us about a week
2006-06-28 19:31:13 · answer #7 · answered by she_devil282000 2 · 0⤊ 0⤋