aero1
Aug 31, 2007, 11:05 AM
We purchase a distress property 2 years ago in Oregon.
We received a quitclaim deed and as a backup a durable power of attorney.
After 2 years of repairs etc, we found a buyer.
Title company issued a prelim with the usual pay off first etc. Nothing unusal.
After signing by both parties and before recording, they've decide.
1: they want the original owner to sign Bargain and sales Deed. ( can't even locate the original owner). We've tried skip trace, etc. No death certificate either. It was a woman that owned it.
2: We can't use the durable power of attorney, only reason give is it wasn't recorded. Even thought he original signatures are in place and it is non-revocable.
3: The quitclaim has a covered a lot of area, including one in the body in lieu of foreclosure, (this was an error) along with 14 other reasons for transfer rights. The rest apparently is OK.
They won't issue title insurance. Nor will they let us sign under the power of attorney.
Funds are in escrow, everything is signed, except for finding the original owner, which may not ever happen.
How do we get this transaction closed?
We received a quitclaim deed and as a backup a durable power of attorney.
After 2 years of repairs etc, we found a buyer.
Title company issued a prelim with the usual pay off first etc. Nothing unusal.
After signing by both parties and before recording, they've decide.
1: they want the original owner to sign Bargain and sales Deed. ( can't even locate the original owner). We've tried skip trace, etc. No death certificate either. It was a woman that owned it.
2: We can't use the durable power of attorney, only reason give is it wasn't recorded. Even thought he original signatures are in place and it is non-revocable.
3: The quitclaim has a covered a lot of area, including one in the body in lieu of foreclosure, (this was an error) along with 14 other reasons for transfer rights. The rest apparently is OK.
They won't issue title insurance. Nor will they let us sign under the power of attorney.
Funds are in escrow, everything is signed, except for finding the original owner, which may not ever happen.
How do we get this transaction closed?