Seller Delayed Closing - Title Issue

[jcheerin01]

I am purchasing a property that we returned to Bank of America as part of a bankrutcy proceeding. BOA's title company *(MoKan) failed to file the appropriate paperwork/filed incomplete paperwork when BOA got possession of the property. The closing on the property has now been delayed for over a week and we do not know when the issue is going to be corrected and when we will be able to close. Do I have any legal options since this should have been taken care of long before we got to this point?

 

[Latigo]

Closing has been delayed for more than a whole week!

What an outrageous injustice.

Do you suppose some of your past creditors, perhaps some rinsed in the bankruptcy, might find your sudden impatience a bit ironic as they right off their losses? Just a thought.

 

[jcheerin01]

I meant to say that the original owners if the property filed for bankrutcy. We did not file, we are simply trying to buy one that was involved in a bankruptcy.

 

[jcheerin01]

I meant to say that the original owners of the property filed for bankrutcy. We did not file, we are simply trying to buy the property that was returned to BOA in the bankruptcy.

 

[army judge]

I am purchasing a property that we returned to Bank of America as part of a bankrutcy proceeding. BOA's title company *(MoKan) failed to file the appropriate paperwork/filed incomplete paperwork when BOA got possession of the property. The closing on the property has now been delayed for over a week and we do not know when the issue is going to be corrected and when we will be able to close. Do I have any legal options since this should have been taken care of long before we got to this point?

If I were you, I'd walk away.

Often a delay can be a warning.

What you don't want is a court fight.

Court battles take too long and always cost too much money.

 

[Latigo]

If I were you, I'd walk away.

Often a delay can be a warning.

What you don't want is a court fight.

Court battles take too long and always cost too much money.

With all due respect, not knowing the state of the bank's title and what is yet needed for the title company to insure that it is marketable, suggesting that the OP renege on the agreement to purchase seems most ill advised if not reckless.

Rather than the OP avoiding a lawsuit – the nature of which entirely escapes me – it could very well embroil the OP in an action for breach of contract or for specific performance.

A look-see by someone knowing what to look for might show that the OP could safely back out of the deal, if he so chooses. But we don't know that.

What we do know, or should know, is that a temporary delay in a real estate closing is not necessarily such a material breach of performance by the seller as to let the buyer off the hook.