Tuesday, June 5, 2007

Wrapping Up The Loose Ends (Updated)

While driving this morning, a thought occurred to me: I don't think the refi of Rental #1 officially released the lien on the property held by my private money lender. Although the loan was paid off through the refinance, I also need to publically record a document from my company that lent me the money that states the mortgage obligation has been fulfilled. I wasn't sure that document was included in all the papers we signed the other day. Truthfully, the papers were signed in such a rush on our way out of town for the weekend, I didn't even look closely at what I was signing. I do have copies of everything, but I didn't want to wait until I got home to check, so I emailed my escrow agent. Sure enough, we did forget to include a mortgage release, so she will be sending me one today and we'll get that filed.

From a public records standpoint, the only remaining open issue on Rental #1 is the conclusion of the quiet title suit. I was originally told that would take 60 to 90 days, but later was told it could take as long as 6 months. We're around the 3 month mark now, so I'll wait a bit before asking the escrow officer for an update on that process.

Actually, there is one more issue. When I got the loan for the refi, I had to change the title of the property from being in the name of my LLC to being in the name of my wife and I personally because that was what the lender required. Once the lender's mortgage was recorded, the plan was to move the title back into the name of the LLC. I'm pretty sure I saw the paperwork for this because I was on the lookout for it but, as I said, the signing was done in a rush, so I need to go back and verify it actually was one of the papers I signed. And just to be absolutely sure everything was done correctly, when I get the recorded docs back from the county recorder, I need to make sure that quit claim deed transferring title back to the LLC was the last thing recorded.

I also finally got my $500 earnest money deposit back from the canceled purchase of Rental #2. It turns out, my mortgage broker already had the appraisal of that property done before the sale was canceled, so I am out the $350 I paid for that. Oh well.

Update: My title agency has just informed me that the attorney was able to contact the correct people to clear up the old title issues on Rental #1 and a quiet title suit is no longer necessary!

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