Uncategorized

Nightmares at the Closing Table

table 268x300 Nightmares at the Closing Table The closing of a real estate deal–either from the buyer’s side or the seller’s side–can be fraught with last-minute entanglements. Here’s another one, taken from the annals of Michael Moshan, real estate attorney and partner in Gold Scollar Moshan, PLLC.

The Facts: The client was buying a condo. At the closing he was clearly agitated and mistrustful. He wouldn’t buy title insurance. He was convinced the bank was lying to him. He was paranoid, and insisted on reading every document front to back. The closing took eight hours.

“Sometimes the folks at the closing table need to be extra patient and work together almost as a team to pacify an extremely paranoid person.”

The Boland Team’s solution: Some people are very thorough, and that’s a good thing when you’re making the biggest investment of your life. But we recommend, by all means, buying title insurance. It’s designed to protect you, and it’s not a crazy fee. So you’re buying something for $1,000,000, it’s wise to spend approximately $4,000 to protect your title, which basically says that if there’s an issue with the deed or the title, you’re protected. You have no recourse if there’s no title insurance.

In the end, Michael Moshan says: “He ultimately didn’t buy title insurance, and I made him sign a release, basically releasing my firm of any liability. It was an exercise in managing personalities, not necessarily dealing with legal problems—sometimes the folks at the closing table need to be extra patient and work together almost as a team to pacify an extremely paranoid person. He bought the condo, he closed, but it was epic.”

Categories: Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s