I guess I put the Cart before the horse on this one…
I’ve been talking with a seller right now about purchasing their home sub2… and they are very interested. The home is in a great area, good schools ect…
I need a title company that is comfortable closing this deal. I’m brand new to Sub2 and really need a good company here in Ohio that can close it…
Too many so called investor friendly companies said…" A subject what???" I’ve also heard others say they cannot do it becasue they can’t give title insurance for it. Others have gotten this confused with assumptions although I tried to explain this is different.
Any help in Ohio would be Great… :smile :smile
Good to meet you.
The easest method for finding the title company would be to call an “I buy houses” ad and pretend to be a seller and ask who they use…
Good luck
Michael
PS. I use First American Title
Good suggestion above. Next time you’re at your local REIA - ask around who people use. Find some investors who do a lot of Short Sales & ask them which local title companies they use. They should be a GREAT resource. A lot of times, a REIA will have a Title Company that sponsors it.
Joe, he asked about a title co that does sub 2, not short sales. 2 ENTIRELY different animals.
First off i am in Ohio. Look I have never found a title co in any state I have worked in that knows what a S2 is, let alone one that can close one. Once you find one that will actually understand the concept, they all say it’s either illegal or can’t be done. So, in my experience call title co’s and tell them you want to sell your house with owner financing and wondered if they had the correct paperwork to make that happen. If they do not, find an attorney that can help.
If you cannot find an attorney, or afford one right now, go to your county courthouse or it’s website and look at copies of land contracts, general warranty deeds and promissory notes. Study them, study the state codes for deeds, executory contracts and notes and get familiar with them. Make your own paperwork based on what you find for the paperwork u need.
Keep in mind u do not need a title co to close a sub 2. You just need a notary to witness signatures. U also do not need title insurance. U can do ur own title search. There is PLENTY of info on this site alone that will teach u how to prepare for a sub 2 closing including a title search. Use the search function and then ask specific questions like u did here. There are plenty of folks that will be able to help u but nobody is just going to give up info without you first doing as much as u can on your own.
BTW you can buy a promissory note from Office Depot or Staples, it is usually state specific for the state it is sold in. Good luck. Here are a few links to get u started:
http://codes.ohio.gov/orc/5313
http://codes.ohio.gov/orc/5302
I have to agree with Tony, you don’t need an attorney to close deal. You basically need the contract, a note and a deed notarized and you have a subject to deal. here in Charlotte there is a title company that runs searches and they will give you an attorney approved search that will allow to get title insurance. That would be the only thing I would need an attorney and that is title insurance. Everything else can be done on your own if you feel comfortable. If you feel like the $800 or so is better spent letting an attorney close this for you, give it a few deals, and you will be closin them yourself.