Being new and still trying to understand the closing process, I contacted a Title Company yesterday that I have used for previous traditional closings. My questions were simple enough:
- Do you have experience with CREI?
- When would I need a Title company if I am doing owner financing?
A: Only if I were to need Title insurance (which they recommended)
- What role would a title company play in an REI transaction?
A: Most of the time a good Attorney is used for most of these transactions and the title company doens’t do that much. again, unless there is title insurance that is bought
So here’s my question to all of you experienced Investors:
- Are these answers correct?
- If not, when would I want to use a Title company in REI and why?
- Can you recommend a good RE attorney that is experienced in the REI business?
The best way is to find out who other investors are using. I use North American Title Company because my wife works there. It’s close to home and I occasionally am able to call in favors. I think Stacy Kellams posted the contact info in a post in the Resources Forum if you’re curious.
As far as the responses go:
1A - probably correct, :mrgreen:
2A - true, or if you’re just doing a title search, or wanted to hire someone to research liens, judgments, anything to do with title issues.
3A - I don’t know if it’s “most of the time” in our area, but it is true that attorneys close a large number of creative deals.
As far as an attorney goes, it depends on what you want done. If you’re looking for entity setup, you could contact Stacy Kellams and ask for contact info for his wife. If you’re looking for just a closing office, you could use Charley Brown or Wally Tingley. Charley occasionally posts here. If not, he’s in the book as is Wally.
North American Title Company is a good bet. They have many locations around town.
North Austin Branch
Downtown Austin Branch
823 Congress Avenue
Round Rock Branch
1 Chisholm Trail
Round Rock, TX78681
Toll Free 1-800-394-2572
Thank you for your invaluable information and willingness to help. As a beginner, your site has absolutely been one of the best resources for me.