What is the next step to take?

Question

I am confused on what type of paper work or documents I need to provide after I have a contract set up with a seller and buyer. For example say I have a seller who has a agreed to sell me his house for 60k and then I find a buyer willing to pay 70k for it. After I have those contracts filled out what exactly do I need to bring to a title company to finish the transaction?

Ryan Webber · Answer

Not that consulting with an attorney is not a good idea, but, @Leo, that doesn't seem to answer Matt's question at all.

Matt, you need take both of the contracts, or the contract and assignment to an INVESTOR FRIENDLY title company.  MOST title companies want to see documents between a buyer and seller directly, just as Leo shared, and that is exactly why you need to find an INVESTOR FRIENDLY title company/agent to take your contracts to.  Call the title company and ask an agent about how they feel about doing a double closing and/or assignments.  If they aren't all for them, find another title company.

Matt Nusbaum · Answer

Thanks Leo, so I should just look for a local real estate attorney? How much up front cost do you think and should I do this before I find a buyer and seller or wait?

Leo Kingston · Answer

Matt, it will cost you a little bit upfront, but it will save you a lot in the long run to use the services of a licensed attorney the first time around. I have been investing in residential real estate for.... well, let me just say it's been a while. Trying to save money on legal documents when you're new at investing is an invitation to disaster. Just get some help from an attorney and you'll be fine. Basically, you're going to find that title companies want to see documents between the actual buyer and the actual seller, so a middleman such as yourself has to be careful. A local attorney can help you navigate.