Why would I need a title company.......

I understand why I’d need them for a double close but, why would I need a title company for an assignment?

Do you have enough closing experience to close the transaction, make proper funds distribution, and get it correctly filed at the Registry?

Keith

First I want say thank you, because I’ve been having a hart time understanding this part of wholesailing.
No, I’ve actually never done any of that. I’m glad you metion that though because I have’nt seen a post here where thats been covered.
If I’m just assigning the contract to my buyer, what part do I play in the final closing? Why do I need to file at the registry, & other that depositing my check where else would I need to distribute funds?
Thanks again!

The best reason for me is that there is no conflict of interest on anyone’s part - the title company is the dis-interested third party who has no monitary gain in the deal (except title fees). If you do the closing yourself and distribute money and prepare closing statements and record documents and pay owed taxes, etc. and there is some question - guess who loses in court?

cherdwelth-

Ok that part I got, assuming that you were speaking of a double close, but when simply ASSIGNING the deal to an investor what would part does a title company play in that transaction. Since I assigned it I wont be at the closing table right?

Yes, I would think YOU don’t need a title company to assign a deal … but your buyer or the person you assign the deal to … may want to use one. At the point of the assignment, it’s up to the buyer to now close the deal … you are out of it except for any fee you get.

I think that’s right. :smiley: