Monday, August 23, 2010

questions on a public forum

Purchased a house about 5 months ago in PA. I have talked to the guy 8 or 10 times now and he has made many excuses and promises.. and yet, I never received the original title back, or the owner's title insurance policy I paid for. I checked with the county, and the purchase has been recorded with them.

So, obviously I will try to press on him by filing BBB complaint, etc, but my concerns are:

1) Is a certified copy of the title just as good as the original?
2) Can I go to a 3rd party to obtain title insurance at this point? Is there some time limit in which it must be purchased?
3) If he didn't issue the lender's title policy (a much bigger expense than the owners), is that going to negatively affect me in some way?
4) Is there anything else I am supposed to get that I didn't?

my answers:
1)  In a real estate transaction, it is not important to have an original deed so long as that deed has been recorded in the county courthouse.
2)  If you already paid for title insurance, you are entitled to receive a policy.  Contact the PA Dept. of Insurance for assistance.  The investigative department will be very interested in this title insurance agency.  Failure to respond to a consumer or to deliver a policy within a reasonable timeframe is a RED FLAG that there are likely other, perhaps more serious, deficiencies in the way this title agency is managed.
3)  Don't worry about the loan policy.  That is between the lender and the title insurance agent.
4)  You'd be better served to file a complaint with the Attorney General rather than the BBB.  The AG has teeth. BBB does not.

1 comment:

Jhon smith said...

thanks for this post.. i really like the way you answer the question.