I just purchased my first note in Baltimore City. I have to pay back taxes and associated lawyer fees (redemption). This was calculated in the purchase price prior to obtaining the note. I want to now check for liens and perform a title search. Is it better to hire a Real Estate Lawyer or title company to accomplish that service? The lawyer suggest that I hire him and he will pay the lawyer fees ($750) for the tax redemption and walk to release paperwork to the tax office. Of course he will charge an hourly rate (3 hours) not including title work. Or do I pay to have a title search and pay the lawyer fees for the taxes myself?
Well, a note purchase is not a real estate transaction, have the attorney take care of the matter, go to the transaction where the note was made and contact that title company to see if title coverage was obtained for the note, a "Lender's Policy" usually free with the Owner's Policy, if not, inquire about coverage if you are keeping the note. I assume you know you didn't buy the property when you bought the note. See your attorney. Good luck :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
I agree with @Bill G. have an attorney handle this. however make sure it is an attorney that is familiar with notes and title issues. In My area, title companies have attorneys. I believe it is requirement. That would be the attorney to work with.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
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