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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 37965
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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L sold my building and open an escrrow @ metrropolitan

Customer Question

l sold my building and open an escrrow @ metrropolitan escrow in Gardena ca
When l bought the building 20 years ago l got a financing by the owner on 10 year and paid it wit no problem.
Today l sold the building and we are in escrow. When l ask the escrow a estimate for the escrow.l discoverthey a deed of 300 000.00 on the report that was loan from the owner of the building .when l bought it . So l gave all the info to the escrow officer.
That was a trust with few people a business man in La a lawyer in Alto ca then an other man who move from hawai to canada then germany and now in asia .
my escrow officer join the doughter of the man in asia about 10 days ago and send the paper to sign and return it to her to get out this deed She got an answer that was no problem.
my question how can l close the escrow if l don't get this paper back Thank you very much Salutation
***@******.***
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 month ago.

Hello,

Under Cal. Civil Code 2941(b)(3), a title company can, at your direction, prepare and record a release of the deed of trust, if more than 75 days passes from the time that reconveyance from the original beneficiary of the deed of trust is requested by the borrower.

That's the out-of-court method. If you can't find a title company to prepare the release, then you would have to file a "quiet title" lawsuit and prove to the court that the original debt secured by the deed of trust has been paid in full.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

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