Answer: Making sure things are done in your interest is the reason you've hired a lawyer. That's your attorney's job.
Of course you're impatient to close, but it's lucky the title company caught the error. You certainly don't want to buy legal complications. Your lender won't give you the money anyhow, until they're sure the property isn't burdened with other claims. You'll just have to be patient and let the legal process wind its way to clear the cloud from the title.
If, on the other hand, you need to close promptly, see if your lawyer's intervention can help expedite the process.
Now She's Married
Dear Ms. Lank: I bought my condo seven years ago when I was single. Now that I'm married with two kids, I need to find a bigger place.
If I purchase a new place with my husband (who has never purchased any real estate before), can we get the federal tax credit? -- B.F.
Answer: That $8,000 tax credit is a great deal, and unlike last year's $7,000 credit, never has to be repaid. If it turns out you don't owe $8,000 to the IRS for 2009, they'll even send a check to you for the difference.
To qualify, though, you cannot have owned a house within the past three years, and you cannot be married to anyone who has. Sorry about that.
Lying To A Bank
Dear Edith: I am looking at becoming a first-time real estate investor. A friend of mine, who is a mortgage loan officer, told me to report the first home as owner-occupied to get a better rate. I have no intention of living there. Are there any legal implications on this action? -- Via e-mail
Answer: Here's one just for starters: Lying to a federally chartered bank is a felony. Mortgage loan officers like your "friend" had a lot to do with getting us all in the current economic mess.