Did you really think I was going to go a whole day without posting? I honestly tried, but…
What does a title company do that you can’t do yourself?
Make sure they own the property = check the property appraiser
Make sure no back taxes = check the tax collector website
Write deeds = they have sample copies of warranty deeds and other types of deeds at the courthouse…
What else do they do?
Hi,
Do you ever stop for a couple of years and think before you write a post? Take a deep breath and wait until the calendar say's 2019 or 2020 before you post questions that you can find the answer easily by doing a Google, Yahoo, Bing or what ever search?
REI Club is not the go to place for basic answers, nor does anyone on the forum want to answer less than smart questions?
You don’t really believe a hard money lender for instance would send you $50k and trust that you would use the money to pay for a property and then record them as the new 1st trust deed lender? Not a chance in hell! In god we trust all others pay cash!
An escrow / title / attorney closing, etc. is a independent intermediary between a seller / sellers agent and a buyer / buyers agent and all related parties!
The closing agent holds the buyer / sellers money, holds the lenders money and insures sellers lender and seller get there compensation and all potential liabilities are removed! The closing agent calculates out the pro-rations for the transaction, fills out the HUD1 and makes sure the transaction matches the contracts terms and conditions.
The title / escrow / attorney closing company provides title insurance for the transaction ensuring buyer gets clean title, they research the chain of title to ensure their are no questionable problems and that previous transactions were signed and notarized ensuring the chain of title appears correct. The title insurance makes sure if there is a future problem that the buyer and buyers lender are covered for potential losses!
A title / escrow / attorney closing company has a trust account and proper insurance and bonds in place for the transaction! They know both the state and federal laws pertaining to the transaction and can insure transfer of title takes place within the law!
It is not legal for an individual to handle a title / escrow / attorney closing transaction between to unknown parties and there lenders. You can only record a document changing ownership or conveying ownership yourself on a property you already own, for example: Redstar quit claim deeds all his property to Gold River! This can be legally done since you own it and your conveying it to me for answering your _ _ _ _ _ _ questions!!!
Actually owner can convey title without escrow if the property is legally owned! You can not fill out and convey property you don’t own to yourself!
I am now searching for the sharpest knife in the drawer?
GR
Sure you can have all my properties.
Did you read my post above about closing my first wholesale property?