Questions for Title co on Double Close

Wow…I feel like I should say “Long-Time Listener…First-Time Caller!”
Been reading diligently for 4 months, this is my first post.

Have a rental house on contract from an out of town owner.
I’ll be in it @ 75% ARV
He is in the process of evicting the current tenants.

The tenants mother wants to buy the house for her (deadbeat) son.

She’ll pay me ARV just to keep her son under a roof…(I don’t have to paint a wall!)

I believe the way to accomplish this is a double close.
I also believe not all Title Companies are fluent in that.

Can you pro’s offer up some questions that I may use to interview the Title companies to
make sure I end up with the right one?

Pura Vida! (Pure Life!)

If you plan to cash out by having the mother get a loan, then you may have another issue with her bank since banks now a days look for at least 90 days seasoning. Not all of them do, but from what I can see most do.

When talking to title companies, ask them about simultaneous closing. Avoid using the term “double closing” since underwriters do not like the term and red flags get raised with that term.

An alternative is to do an assignment. Basically, wholesale the house to her so you never get on title and you get your money. Title company may be willing not to disclose the assignment fee to your seller and just explain to the buyer that this is your equity and you want to cash it out.

Thanks for your reply.

I believe I have set it up to do exactly that if we choose…

My accepted offer is by “Me dba MY LLC &/or assigns.”
I have 90 days to close. so the lady can get her financing…Actually
I think I have her qualified already. If what she disclosed to me is true
and she doesn’t have a trainload of 7’s and 13’s trailing her.

I thought a simultaneous close was the best so she wouldn’t know that I stole the house.

Worse case scenario is I own a great rental cheap.

I would still like to hear what qualifying questions one should ask…

Pura Vida