Hi all,
Im due to settle on a property tomorrow at 11:30 but apparently the vendors are not ready as the bank has lost the title. Since their bank and my bank are both the same bank, Ive been told that I can settle without the title and that the bank can put something in writing agreeing to locate the title or obtain a new one after settlement. Is this true? Has anyone had any experience with this? Is there any other options besides waiting till the bank locate the title? My conveyencer said that they had the same issue a few months ago with the same bank and it took 5 weeks for them to locate the title and settle. Any downsides to settling without the title?
All input appreciated.
Thanks in advance.
Im due to settle on a property tomorrow at 11:30 but apparently the vendors are not ready as the bank has lost the title. Since their bank and my bank are both the same bank, Ive been told that I can settle without the title and that the bank can put something in writing agreeing to locate the title or obtain a new one after settlement. Is this true? Has anyone had any experience with this? Is there any other options besides waiting till the bank locate the title? My conveyencer said that they had the same issue a few months ago with the same bank and it took 5 weeks for them to locate the title and settle. Any downsides to settling without the title?
All input appreciated.
Thanks in advance.