Tuesday, July 8, 2008

Title Issues Still Not Resolved

Title issues are still delaying the closing of the Rental #1 sale. My title company has contacted the president of the title company I used when I bought (and when I later refinanced) the property. Turns out, he had waived some requirements when I bought the place, presumably to allow escrow to close. I'm sure the intention was to then go back and fix the title issues (even though I was told they were all resolved). That apparently never got done. So now the president is supposed to give my current title company an indemnity letter so we can close. But the current title company's attorney has to approve it before that can happen. We are also checking to see if the attorney will waive the requirements also so that we can close.

It seems recording titles in Oklahoma is just one big shell game and it doesn't really matter what is recorded on the actual title says, since escrow companies can just waive requirements at will. If this is not resolved quickly, I will start threatening lawsuits and will start trying to get the original escrow company's license revoked.

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