Title Search & Survey

[Anonymous]

Hi, I'm in NJ...can someone tell me roughly how long it takes for the title search and the survey to be completed?  I was supposed to close on 06/15 but my attorney says no can do.  Please enlighten me.

[sunnyday]

I ran into some title issues.  I started a refinance at the end of March.  I still have not closed yet.  The title company did not want to insure the loan due to a middle initial on the title and not a full middle name.  They are very particular about this.  Long story short, the person I bought the home from originally did not sign his full middle name on the deed and when I applied for a refinance, they caught this.  However, I have lawyers title insurance that I purchased when I bought the home from him so the title company decided to go ahead and allow it.  That was 3 weeks ago.  I'm still waiting for the title company to hear back from my local tax office and then should be clear to close, hopefully.  It is a lengthy process these days.  I would suggest calling your loan officer to get an update on the title search, just to make sure they are not having any issues.

[Anonymous]

When I bought my house in March it took a couple of days, however the stipulation of the sellers was to use their Title Company and the Survey from when they bought the house in 2005 was still valid.

Can you ask to use the same Title Company who currently writes it?  I don't know if you can, but that is my only suggestion.

Good Luck!

[Anonymous]

Thank you for your responses.  I am a first time homebuyer and your responses really helped.  What is included in the title search?

[Anonymous]

They basically go back and make sure the Title is clear on the property...much like having an auto...where you don't get the title until it is paid off free and clear.

They want to make sure there aren't any liens on the property or that one day someone won't come along and claim their great, great, great grandfather has rights to the land.

Then the Title Insurance protects you in the future in case something they don't discover pops up one day.

....or at least this is how it was explained to me.

[Anonymous]

Thank you.  One other thing my attorney told me that the title search is on the property, seller and the buyer.  Is this true?

[Anonymous]

The seller pays the brunt of the cost for the Title Insurance.  My portion of the Title Insurance cost me a couple hundred dollars.  The Seller's was a couple thousand dollars.

[Anonymous]

I'm sorry maybe I wasn't clear.  He told me that when they are conducting the title search that the search is done on the property, seller and buyer. 

[medicgrrl]

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@Anonymous wrote:

I'm sorry maybe I wasn't clear.  He told me that when they are conducting the title search that the search is done on the property, seller and buyer. 

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That is correct, they will check to see if their are any liens for the individuals that would/should affect the title of the property.  If the seller, for instance, has a tax lien then it will affect the title to the property because the seller would have to clear that lien to give the purchaser "clear title"  That's just one example of how the title search is affected by the individuals involved.