Does anyone have any suggestion on how to get a quick sneak peak at anything that could be clouding a title, before you make an offer.
In other words, I do not want to put up an earnest money deposit, only to find out after we are in contract that the house has leins against it. At that point I’m stuck, and in jeopardy of losing my earnest money.
This happened last deal I did…I had it under contract with $100 earnest money…assigned the contract…then it showed up they had large IRS and other leins against it. After three months of attorneys working to satisfy the leins, my SELLER backed out, as he was offered $50k more than my contract. (The penalty for either of us to break the contract was only $100)
Any ways to peak at a title or protect myself from losing the earnest money if it doesn’t close because of a title issue?
Title issues should always be cause for a refund of earnest money. Never give earnest money to the seller unless you kiss the check first.
Some land records are available online. Each county is different.
I agree with the last guy. You could also put a clause in there saying that if there are any defects to title that the seller is responsible up to $$$ for title seach and other related legal fees. That way the seller won’t lie to you or just hold it from you.
These deals are through realtors too…otherwise no way would I give $500 earnest money.
Then the seller has x amount of days to get clear title otherwise that would result in a refund of earnest money.
Would this cover things like work order…(mold, lead paint, foundation issues)??
This house was gutted by an investor and they just stopped. Makes me wonder why.
Of course it covers all that. You have x amount of days to get an inspection. So if the inspection comes back unsatisfactory or you just want out of the deal within the inspection period you can get out.