Posted by William L. Exeter on August 16, 2004 at 20:40:03:
Call Diversified Texas Title at 1-469-384-2800
self directed IRA - Posted by saskia
Posted by saskia on August 14, 2004 at 12:12:10:
We have finally found a property we would like for our Administrator to buy (no real estate agent involved), but are not sure if we need both a Title/Escrow Company and a Real Estate Lawyer in the State Of Texas to get this transaction started. Saskia
Re: self directed IRA - Posted by John Merchant
Posted by John Merchant on August 18, 2004 at 09:09:40:
Problem is, somebody competent needs to draft a TX Warranty Deed for you.
Only people who can legally do this are:
(1)you, for yourself;
(2)TX lawyer
(3)TX escrow co’s LPO employee.
An escrow co. is typically gun-shy of doing any escrows for lay people who really don’t know for sure what they want, and fail to provide the E Co. with specific closing directions…as does a properly drafted P&S Agreement done by you, a RE Agent or lawyer.
This is often why a lay buyer is wise to hire some local RE Agent or Broker to act for buyer as Buyer’s Agent, and if you’ll shop around you can find somebody on scene to do this for you, and look after your rights & interests.
A RE Agent might/might not be less expense than a local lawyer, and it’d be a toss-up as to who’d be more satisfactory to you.
As for having your SDIRA custodian buy the RE for you, give them a call and talk to their customer svs. rep and they can tell you exactly what they’ll need.
Remember, you want & need a title policy insuring your good title to the RE, and for this you must deal with TX title co.
These T/E and closing problems and issues is one of the main reasons it often makes a lot of sense for lay buyer to have a local RE Agent write it up & close for set fee. Like a local lawyer, the RE Agent should have the right forms & should have the know-how to help you buy the RE.