They said we "got the house." How can they be so sure? Does this mean they did the title search already,so they're sure we'll get it? Is it possible we will close sooner? They gave us a certificate of compliance;the owners have agreed to fix stuff be4 we buy the house. Does this mean we are unofficially the new owners?
HELP!!
N.
2007-04-27 16:16:21 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Well,they gave us this certificate of compliance & they said the deal "went through." What does this all mean?
is it possible they already did a title search & found title is clear? also they said even if title wasn't clear it wouldn't matter,something about it being the town's issue,not ours.????
Also they said with the kind of loan we got,they do a title search first anyway....???? PLEASE answer ALL these..hate repeating myself!:)
Thank you in advance...Any realtors out there would you PLEASE email me....??
2007-04-27 16:53:31 · update #1
Hello? Please answer..really need help...
2007-04-27 17:41:31 · update #2
You are not the new owners officially until the end of the closing.
But any of those worries are small bumps in the road compared to what proceeded this stage. The sellers, the agents, the lawyers and the financers are all on your side wanting it to be a done deal, so notch down your worry level. You are approaching the successful conclusion. Good luck.
2007-04-27 16:31:52 · answer #1 · answered by Rich Z 7 · 2⤊ 0⤋
Hmmm...I don't know if I exactly understand your situation, but here goes...
Once your offer gets accepted, technically, you're on your way to being the official owners-you're under contract. If the sellers were to back out, you'd have a right to sue them for "specific performance", which would force them to honor the contract they've gotten into with you. But, from a legal standpoint, you aren't the owner until the deed gets recorded, which happens right after closing. To get to "close", you have to get all of the inspections(which I imagine you've already done which is why you're asking for certain repairs to be done), insurance, have a title search done, which makes sure you're getting a clean title, etc. That's what is happening now.
By the way, if the sellers don't make the repairs you asked of them, you legally have the right to accept the home in its current condition, or back out of the contract and get your earnest money back.
Usually what puts the timing of the closing so far off is getting the loan package finalized. Changing the closing date is ok up to a point, but once you've set the date, it usually doesn't get changed because of how much it makes everything else change. All of the numbers that you'll see on the closing statement(HUD1) are for that day, and that day only. Do you have an agent?...they should be letting you know all of this stuff...
Good luck
2007-05-05 10:32:47 · answer #2 · answered by Jamie M 1 · 0⤊ 0⤋
The issuance of a Certificate of Compliance indicates that either at the time of the original inspection or on a subsequent reinspection, the home was found to be in compliance with the Housing Code at that time. When the title search is completed, they will issue you a title report. Should there be any clouding of title (for example an unreleased lien or mortgage on the property, someone claiming they have an easement to access your property) the title company will find it and take the necessary steps to bring the matter to light, and resolve it. Depending on the break in the chain of title, they will probably go ahead and insure it against any future claims. It sounds like you have a done deal, but I agree with the person before me, and say "It's not over until it's over" Best of luck to you!
2007-04-28 03:11:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There ain't no deal until you close and everyone signs the paperwork. When they say "You got it," it simply means the seller has agreed to DO the deal.
Uusually the closing occurs within 2 weeks after the sale, but you may want to make THAT conditional either on the owner doing the repairs, or else paying you the cost of doing them (which I prefer because then you control it).
So, for right now you are NOT new owners. Not until clsoing is -well, "closed."
2007-05-05 09:59:27 · answer #4 · answered by JSGeare 6 · 0⤊ 0⤋
Usually with all loans there is a title search automatically, everything sounds like its going according to plan, BUT IT AINT OVER TILL ITS OVER! "Got the house" could mean that your offer has been accepted by the sellers, that the bank approved you for the loan, etc.. Just keep on keeping on, do everything your loan officer tells you. The underwriter may have conditions you need to fulfill, but it sounds like it's moving right along. You have major buyer jitters, seen it all before, but it'll be fine. Ask your Realtor and lender any question you may have, not the computer, you need straight answers from people who are involved and know the specifics.
2007-04-28 02:31:14 · answer #5 · answered by CJ 3 · 1⤊ 0⤋
They just mean the seller and you have agreed to all the terms of the sale: price, repairs, etc. The title search is usually just a formality, You may close as soon as all the paperwork is processed; probably not "sooner." You are not the Owners until all the papers are signed on the day of closing.
2007-04-27 23:28:32 · answer #6 · answered by tom 6 · 0⤊ 1⤋