Subject To deals - Posted by BrianW(IL)

Posted by Matt_IL on July 13, 2001 at 13:07:42:

Hello,

Thanks for all your advice. I didn’t think of paying the title company to do just a search. Would you feel
comfortable buying a house based on the results of the search, without actually getting the title insurance? The
cost doesn’t bother me, but what I don’t want to happen is for a subject-to closing to be delayed, and possibly
the sale lost, waiting a week or more on a title company to write a policy. I want to be able to close ASAP.

Subject To deals - Posted by BrianW(IL)

Posted by BrianW(IL) on July 12, 2001 at 23:23:06:

I have a few questions regarding closing Subject-To Deals:

  1. I was wondering if those of you who have done these types of deals are able to close your deals at the “Kitchen Table” or do you usually go to a Title company to close?

  2. If you do “Kitchen Table” deals, how to deal with getting the paperwork notarized.

  3. If you go to a title company, do you use an attorney?

Thank you

Re: Subject To deals - Posted by Jim FL

Posted by Jim FL on July 13, 2001 at 04:48:27:

Brian,
How are you sir?
Long time no speak.
In case you are wondering, this is the investor formerly known as “Jim IL”, now in Florida.
Anyway, I’ll take a stab at your post;

Q:“1) I was wondering if those of you who have done these types of deals are able to close your deals at the “Kitchen Table” or do you usually go to a Title company to close?”

A: In Illinois I did them myself, but only because I knew how to thoroughly check title myself. Until I learn more here in Florida, I’ll probably use a title company.

Q;“2) If you do “Kitchen Table” deals, how to deal with getting the paperwork notarized.”

A: Simple, take one along with you, or close when there is some where open who has a notary. Banks, currency exchanges, attny’s, police dept.'s, some stores, and mailbox places, and there are even travelling notaries in some areas.

Q:"3) If you go to a title company, do you use an attorney?"
A: I’d say “Depends”, but if you are not 100% saure of everything and how it works, get one, a closing in Illinois should not cost you much in the way of fees to a lawyer. I used to get em done for $300-$350, and this was even for a simultaneous close. (one fee for both.)

Anyway, I hope this helps a bit, and drop me an e-mail off the board, would love to catch up a bit when we get time.

Take care,
Jim FL

Tips on checking title? - Posted by Matt_IL

Posted by Matt_IL on July 13, 2001 at 11:42:08:

Hello,

I plan to start doing sub-to’s in IL soon. Can you give us some tips on how to check title? I know it’s at the county office, but is that all there is to it? Are there any special ‘gotchas’ that we need to be aware of? Thanks.

  • Matt

Re: Tips on checking title? - Posted by Jim FL

Posted by Jim FL on July 13, 2001 at 12:41:34:

Matt,
Frankly, if you have no clue, pay the $50 for a good title search, it will save you later.
And when you goto the recorders office, take a look around at all the people with laptops, most are from title companies, and some may even assist you in finding out more.
As well as some employees of the county recorder of deeds.
Good luck,
Jim FL