How long for title co. to indemnify? - Posted by IB (NJ)

Posted by Ed Copp (OH) on May 14, 2003 at 18:52:42:

Can get it done in a few minutes or a few months. So far you do not sound imperssed. Let us know how long it takes him.

How long for title co. to indemnify? - Posted by IB (NJ)

Posted by IB (NJ) on May 14, 2003 at 16:30:18:

Many of you may remember my dilemma with my title company making a $4400 mistake. Since it was right before the closing and I had to close to make some other deals happen, I decided to allow some of my profit to be held in escrow (in the buyer’s attorney’s escrow acct.) until the situation could be straightened out. My attorney claimed it should be no problem having the title company indemnify the lien thus allowing my money to be released.

The insurance company was alerted of their mistake 2 Mondays ago. I contacted my attorney last Friday, 4 days later, to check the status and he hadn’t heard anything. It’s now 1 1/2 weeks later and I haven’t heard anything from my attorney. He’s so fired right now it’s ridiculous as I don’t appreciate his lack of communication with me in the manner. I made a nice profit on the deal and I can’t help but feel that it’s not a priority for him due to him being a little jealous that I made so much money so quickly (about $40k in 75 days - he’s an old school lawyer so I wouldn’t put it past him).

But before I bounce on him tomorrow I’d like to know how long does it take for a title company to admit their mistake and issue an indemnification letter? I’ve never had this happen before and don’t want to put my foot in my mouth. But at the same time, I want to make sure my lawyer isn’t trying to cover for the title company (something I’ve suspected for some time). So how long?

Re: 3-9 months, my guess. - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on May 14, 2003 at 17:03:42:

Most lawyers need a week and a half to set a lunch/golf date.

You are proposing that the title company admit a mistake. They might or might not. If it is glaring then there will be a claim on thier “errors and ommissions” insurance. The carrier will have to investigate (figure 3 months easy, here). Then they will have thier obnoxious team attempt to intimidate you (the slimebag who already made the kill) into accepting pennies. If (when) that fails then the sugar and spice team will need to work you over in an attempt to get you to settle for pennies. After all you already made a fortune on this deal.

Then there will be long delays for no reason at all (time is money). The longer they hold the money that is really yours, the better they like it.

You might have to threaten a suit to get anything done, let’s see you will need to sue a title company, thier insurance company, and your own “old line” lawyer over 4 grand. They are all in a superior position and they know it. You should have something, not necessarily everything in 3 to 9 months. Let us know.

Re: 3-9 months, my guess. - Posted by IB (NJ)

Posted by IB (NJ) on May 14, 2003 at 18:47:04:

Why would they want ME to settle? The $4400 lien is with the state of NJ. Also, they’re not holding my money in escrow. My buyer who I sold the property to is holding it for his protection. But if the ins. co. indemnifies the lien, my buyer will release the rest of my money.

According to my lawyer, they realize they made a glaring mistake. So it should really be cut and dry. It’s hard for me to believe that my lawyer didn’t know it would take that long.