Error with title : help !

[tinkerbell2]

4 years ago I purchased on ebay a EOY 2BR LO at SBP. I received and signed the documents from the closing company, the unit was added to my SVO profile and I have used successfully with II. Last year , I upgraded my portfolio while at SVV, they traded this SBP property for a 3BR . So far , things are good. 9 months later the transaction was still not finalized, I called SVO to find out that the SBP title was not in order, that the title company was no longer in business, that there was no way it could be fixed so the new sale was cancelled. I asked that they cancelled my contract with SBP if it is not in order. They won't. When I ask how could SVO overlook such a thing , I didn't get any answer. They told me to continue using that property as I did before.... So it seems I am stuck with yearly fees for something that I can't get rid of, as the deed is wrong. What are my options and my obligations ? Thanks for your help !

Rina

 

[LisaRex]

Ask them to escalate it to someone who can help resolve the issue.

 

[tinkerbell2]

I was dealing with their title department...I don't think there is anyone above ?!

 

[DeniseM]

Starwood can't fix a title but a title company can - I'd contact a title company and start there.


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[vacationtime1]

What is the problem with the deed? Is the legal description incorrect? Did someone in the chain of title not sign it (an ex-spouse, etc.)? Is the notarization improper?

The easiest solution would be to have a new quitclaim prepared and have it signed properly by the former owners -- if you can find them.

Starwood cannot fix a deed issue, although if you are lucky, they will tell you what the issue is.

(This is one of those times that title insurance is useful -- and one of those times that eBay sellers' fly-by-night closing agents' work costs time and money later)

 

[lch]

I agree, sounds like you need to start with the title company first. See if you can track down information on them, people associated with them, etc. Also, as suggested, figure out what exactly was defective about the deed. A new title company may be able to help you, a lawyer could help you, the internet may help you at least get some information as a starting point with the failed title company. I wouldn't expect Starwood to help you very much until you get the title issue resolved, though it does seem a bit ridiculous that they didn't contact you at all when they ran into issues with the SBP title.

 

[Seth Nock]

Title Issues on a deed bought resale

There is a reason that timeshares, as well as other real property should be bought through a Licensed Broker and a Licensed Third Party Title company. Developers will not check if the deeds were done properly, when transferring the unit. Most of the time, these issues are not discovered until you try to sell the unit.

That being said, It sounds like there is an issue with the chain of title. A legal description can be corrected (and Starwood would have probably taken care of is). Lack of witnesses usually cure themselves after 5 years. Did Starwood state what the issue is?

If you email me a copy of the deed sethnock@sellingtimeshares.net as well as any info that Starwood told you, I will ask the title officers whom I work with to take a look and see how hard it will be for it to be fixed. You will probably need to see if you can find the contact info for the original seller. The process of curing the title will be a lot easier if they sign a corrected or new deed.