I was clearing out some journals and found a NYSBA Real Property Journal from Fall 2009 with the following list of TOP TEN REASONS CLOSINGS ARE ADJOURNED. I dont know if these are the top 10 reasons in my practice experience, but it is certainly an interesting list. 10. An executor gives POA to a third-party. NO! Fiduciaries cannot delegate their authority. 9. Seller does not come to closing with certified funds for transfer taxes (this is usually avoided as the recording fees and transfer tax are usually cut from mortgage proceeds). 8. Buyer neglects to bring certified funds to closing and offers a personal check for tens of thousands of dollars. 7. An executor of an unprobated will arrives at closing to execute the deed. This person has no standing. 6. A Religious Corporation arrives at closing without a Supreme Court Order authorizing the sale. (Without such an order the conveyance is void). 5. Seller arrives at closing with a payoff letter showing legal fees due. This means the seller is in default of his mortgage and must act in compliance with the Home Equity Theft Protection Act. 4. The intestate decedent owners daughter, who lives in the house, arrives at closing to execute the deed. Either an administrator or all of the heirs must convey the property. 3. A seller with a docketed judgment against him, who has been discharged in bankruptcy, believes he can sell his real property free of that judgment. There are two parts to a judgment: debt and lien. Bankruptcy only discharges the debt portion. The title company will need an order avoiding lien in the original bankruptcy proceeding or an order pursuant to Sect 150 of Debtor & Creditor law. 2. A probated will results in Letter Testamentary issued to two executors, but only one attends the closing. When two executors are appointed both must execute the deed. (This is one of the many reasons I advise against the appointment of co-executors). 1. A probated will names a specific devisee (beneficiary) but the executor attends the closing to execute the deed.
Posted on: Fri, 06 Jun 2014 16:25:00 +0000
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