hello to everyone reading this post, have any seasoned investors encountered problems with inserting the following clauses in their purchase contracts when buying a house from a lender or bank?
Buyer has right to choose title company
Buyer has right to choose escrow company
and if you are buying a home from a bank/lender, is it necessary to insert these clauses?
Thanks for reviewing this post
You do not mention your state, in Texas the trec promulgated contracts have a place for these, separately, where the buyer puts into offer. Of course it is negotiable, but typically the buyer chooses, unless good reason to change most sellers (my experience as an agent) won’t. If the selling lender insists it may be due to the fact that the title co. they have, already started a significant search of liens and other title related issues uniquie to foreclosures.
Thanks for the Information Wendy, Do you believe that these these clauses are absolutely necessary when purchasing properties from a bank or lender?
I personally would not mind who the seller chooses to use, as long as it is stipulated in the contract, and you may want to call that title co. first and verify who you will be closing with. i prefer not to use fee offices, or individual attorneys, especially if they are representing the seller. i work strictly with residential, mostly resale non investment (i.e. owner to occupy) transactions, and the title co. is simply the transaction coordinator and supplier of documentation. if the title co. has some sort of a representative role, it may become a different story.
Thanks alot for all the information you have provided Wendy. I hope you enjoy perpetual success in your invesment endeavors.