Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
I am buying a 4 plex, and I live approximately a 3.5 hour drive away. I am just curious if you can close on a property without being physically present? I have a very demanding job, and I am not sure if I can arrange the time off this short term.
Investor · Colorado Springs CO · Member since 2014 · 535 posts · 253 votes
12y
No, you do not have to be present to close. Closing escrow does not require you to be anywhere in particular. We have bought two fourplexes in AZ, and were not in AZ when escrow closed (we live in CA). You will need to arrange to sign all the closing docs with a notary, just talk to your buyers agent or the escrow company to make sure you have everything arranged in time. Also arrange to get your down payment sent in as required.
Investor · Davenport, FL · Member since 2013 · 73 posts · 22 votes
12y
I haven't been present for closing of last few properties. Just sign, overnight/fax/email, and wire money. Technology makes it easier these days it seems.
Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
Last one I bought from San Diego, property is in Orlando FL...can't get too much farther than that. :)
My title company emailed forms and a prepaid overnight Fedex label. I went to the UPS store for a notary and signed everything and then dropped it in the Fedex box there at the store. Took 10 minutes out of my day and that was it.
Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
In California no one attends a closing as there is no scheduled event. The paperwork and the money are gathered by the escrow agent. When it's all complete they record the docs and disperse funds the same day. Can't even imagine having to attend closings.
Your escrow agent at the title company can mail you everything. In fact, they can probably email your escrow docs, including the deed. Then you print them out and get the signed and notarized and return them via overnight mail. Be sure to check what notary requirements the title company has. The title companies here in CA now all require approved notaries so you can't stop by the bank or the UPS store any more. Your escrow agent should be able to arrange everything for you.
Investor · Orlando, FL · Member since 2014 · 76 posts · 26 votes
12y
As you you probably know closings in each State,county,city are a little different. Ask before hand what are the procedures. They will let you know if you must be there or not.
Take into consideration most closings go very smooth. But you do get some where there are problems, which may prevent the sell from moving forward. If your name is going to be on title, I think that's important enough for you to take out time to be there, to make sure things go off without a hitch.
Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
12y
@Anthony Gayden - No you do not need to present. It depends on the title company but most can email you docs and then you can get them notarized at local bank or they can setup a mobile notary for you. Good luck!
Title Agent Investor Friendly · Maitland, FL · Member since 2014 · 139 posts · 59 votes
11y
I am with Southeast Pro Title in Orlando. About 90% of our business is for investors and a lot of them are out of state or even out of country. With my company if you are a buyer in a cash deal you do not need anything notarized. I will just email or fax the documents to you. You will sign and email or fax the docs back. I can fund on copies. The seller will need to get docs notarized. I will do the same by emailing or faxing docs to them. You can go to any bank, FedEx or UPS location to get them notarized. I will give you an overnight label to send the docs back. We do not charge any junk fees like most title companies so courier charges we pay for.
If you have any questions or need anything at all please use me as a resource. Shoot me an email or give me a call.
I am with Southeast Pro Title in Orlando. About 90% of our business is for investors and a lot of them are out of state or even out of country. With my company if you are a buyer in a cash deal you do not need anything notarized. I will just email or fax the documents to you. You will sign and email or fax the docs back. I can fund on copies. The seller will need to get docs notarized. I will do the same by emailing or faxing docs to them. You can go to any bank, FedEx or UPS location to get them notarized. I will give you an overnight label to send the docs back. We do not charge any junk fees like most title companies so courier charges we pay for.
If you have any questions or need anything at all please use me as a resource. Shoot me an email or give me a call.
Yeah, I closed on the property 7 months ago, and unfortunately the title company I was using did not have a way to close remotely, so I had to drive to Phoenix which is 3.5 hours away and sign the paperwork.
The good news is that things have been running relatively smoothly since then and I bought a second investment property in July. My plans are to buy another property in 1-2 years after I have saved up enough for a 25% down payment.
Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
11y
No. I think NEEDING to be at closings stopped around 2000 although some people still do it the original way. "Mail aways" have been around a long time since corporate transfers dictated the need for them. I haven't attended a formal closing in 12 years as my time is better spent running my business.
Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes
11y
Another thing you can do is do a Limited Power of Attorney. I used to do this and assign my wife. Some of the HUD deals I was doing 4 or 5 years ago would take 2 to 3 hours for the closing. I didn't want to burn a half day vacation day for every one so I did the power of attorney and my wife went and signed for me. I once assigned it to my realtor too since she would be there anyway.
But that is one way to do the closing as well. Need to make sure your lender is ok with that. Not sure if my hard money lenders that I use today would be as open to that......
Yeah, I closed on the property 7 months ago, and unfortunately the title company I was using did not have a way to close remotely, so I had to drive to Phoenix which is 3.5 hours away and sign the paperwork.
The good news is that things have been running relatively smoothly since then and I bought a second investment property in July. My plans are to buy another property in 1-2 years after I have saved up enough for a 25% down payment.
Anthony: can you tell us more about the purchase and title company that "required" you to be present in AZ to sign. Something is not normal about that. Was there an escrow? Using a title company that doesn't provide escrow services to out-of-area buyers is also outside the norm here in the West. That being said, maybe you had a lender that required you be present to sign loan docs?