Legal Question in Real Estate Law in California
I tried to buy a Fannie Mae REO home. It needed repairs for me to get the loan. There was a complication and the bank did not do the repairs and I did not secure my loan. However, in the process the title company recorded a grant deed in my name making me the legal owner even though I only paid them the $500 earnest money. The deal on the table falls through tomorrow, is there any negotiating leverage or something I can do to make this deal happen with out suing someone?
3 Answers from Attorneys
The situation you describe makes no sense. Are you SURE the title company recorded the deed? I spend six years cleaning up title company mistakes for the parent company of Chicago Title and Fidelity Natl. Title, and I NEVER saw one of our escrow officers screw up so badly that they recorded a deed on an escrow that the loan never funded. And you mention a "deal on the table" that falls through today, but give no information about it at all. There is no way to answer a question like that.
Without disagreeing with Mr. McCormick, I'd guess you need to be out there knocking on doors and negotiating with bank officials to try to get an extension, preferably taking the escrow agent who recorded the deed with you to explain their role in this massive screw-up.
If they did record the deed, without the loan being funded and escrow closing, then you will soon be a party to an action to quiet title to set aside that deed.
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