How long after escrow is opened does the title company have to provide buyer with a preliminary title report?

Question

I am buyer attempting to purchase residential real estate from a bank owned property. After 2 extensions by fault of bank I finally went to title company to sign docs and was advised on the way to the title company there were 3 liens on the title totalling in excess of $30000. Two weeks have since gone by and we have lost our tenants and still the title is clouded. Do I have any recourse or should I just walk?

Answer 1

Your P & S Agreement should cover this. Typically, if the Seller (the bank in this instance) can not provide clear title, you should be able to back out of the deal.

Answer 2

it should be in your p & s agreement . I faced this same question but with twist while creating www.forallhouses.info.