is this normal ?

[janischa]

hiya !! so i got my first acceptance of an offer (soooo excited) and got the paperwork mailed to me from my broker. Now in my purchase contract, it speaks of 'the contract shall be closed within 60 days of the effective date' but then the broker asked me to sign an additional addendum stating it gives the right to the title company to extend the closing date with an additional ! 60 days should the title company need to time to get a free and clear title.... is this standard and simply being for the title company to cover themselves in case of ?????
just looking for some reassurance from the people who've already been through this...
PS i did look on the orange county website and thank goodness, i saw no mention at all of foreclosures or liends having been taken

 

[XGrumpy1]

I think this is pretty standard. Nothing to worry about.

Sometimes the whole process just takes extra time.

 

[janischa]

thanks
did you get the same addendum to your contract when you bought resale ?

 

[dis-happy]

Not standard from what I've experienced. Not sure I would agree to that.

 

[marie1981]

It is the first time I hear about that additional addendum....

 

[scubakat]

Yay for an accepted offer! Our contract says "This contract shall be closed on or before XX/XX/XX unless extended by the Title Company for administrative reasons." We did not have an additional addendum..

 

[jnsolomon]

When I bought a few months ago, I was also asked to sign the same addendum. I told the broker I would not sign it, so they went ahead with the sale without the addendum being part of the agreement and we closed on time. In short, you do not "have to" sign it.

 

[janischa]

i've signed it and now keeping my fingers crossed the seller doesn't back out or any unexpected delays turn up.... will keep these boards updated

(i'm not yet until i'm a little further in the process... it's way too uncertain now still)

 

[rock_doctor]

Yea that is standard for Fidelity. Under normal circumstances you will not push much beyond the 60days. But, but you need to stay on top of the time line. Call once a week and ask for updates. They are a very small organization over there (just a couple people) and timelines can slip... Good luck and be patient. Once they send you the paperwork take the last name of the owners any do a deed search and you can find out if they have a loan or if there are liens against the deed. http://or.occompt.com/recorder/web/? Put their name under "Grantor" and look for a deed for the property you are buying. Then look for anything with their name and resort.

 

[janischa]

thanks doctor, i already did that the moment i saw the seller's name on the papers
it's so nice having these boards to come to for advice....

 

[ssnelle]

do not sign! sounds fishy...

 

[rock_doctor]

do not sign! sounds fishy...

Naw, that is just them cover their butts so you can't come after them for lack of performance. So times there are hang-ups that push a sale beyond the 60 days so they are just making sure you know that. It is standard and when we signed it i made it a point to point out that once we hit the 60-day limit she would be getting calls from me each and every day if not a couple times a day.... I am not sure you can, not sign it?