Posted by Neil on December 18, 2002 at 17:08:38:
Is that all the legal paperwork you need? really? I have heard a lot of mixed feelings about that.
Wholesale flip and title work - Posted by TD
Posted by TD on December 18, 2002 at 14:14:54:
Once I get a signed purchase agreement contract, from the seller, what’s the next step? Do I take it to the title company? I’m not clear on the title work process. I would like to flip the contract to another investor and get an assignment fee. So the investor whom I am flipping to will pay for the title work?
Any comments would be greatly appreciated.
Re: Wholesale flip and title work - Posted by JoeS
Posted by JoeS on December 20, 2002 at 11:16:08:
Generally, here in NY, the seller of the property pays for the Title work, including a redated 40 year abstract, BK searches on all past owners, tax, sewer and water searches. If you want a Title policy then it is your expense. So if you plan on assigning your contract (aka “flipping”) then it still applies, with the seller footing the bill for the updates.
My contract to buy states that the seller will furnish a “Warranty Deed with good and marketable Title, free and clear of all liens and encumberances”.
This way I am protected and the Title is clear. Buy…I always have MY own Title company recheck everything before closing. The person buying your contract will then have the Title policy endorsed over to them. Hope this helps.
Re: Wholesale flip and title work - Posted by Steve
Posted by Steve on December 18, 2002 at 16:23:18:
If you plan on flipping, yes, I would atleast start a title search and get the ball rolling so that you won’t have a delay when you find a buyer. The last thing you want is to delay a closing if you have a cash buyer who can close quick. Make him pay the closing costs. If your deal falls through, you would still owe the title company usually around $50 to $75 …ask them their fee. It may be worth ot to you to risk the fee to get maybe thousands from your buyer.