Hello Fellow BPers,
I just got in contract on a property from homesearch.com its a local forclosure and the seller is providing a owners title policy at their expense underwritten by first american title co. + I am paying a little extra for a enhanced policy.
Being that this is a very small investment with a small amount of risk I decided to try to do it without an attorney. After getting mixed feed back from BP I decided to give it a go. Hopefully some of you guys have done this or have experience.
My lender wants to know who is going to be the closing agent. After speaking with title company I asked them if they can provide a closing agent near the subject property (sellers + title co 4+ hours away). Please give me some insight on this.
Trying to set my own closing location I communicated with sellers attorney and they respond with:
"We typically close by mail using fedex. That way you do not have to attend closing and worry about traveling. The title company will prepare a marked up commitment for closing. Once everything is in order I will schedule a closing with you, order marked up title, I will prepare the HUD and escrow closing letter for closing."
Sounds good to me. Anybody close by mail? Feedback? My lender keeps asking me for who the closing agent is? Can I be my own closing agent or do I need a third party?
Thanks in Advance!
well I would think you would need a title company to administer the closing or an attorney to facilitate this. See, the closing agent is like the final clearing house to make sure all parties are paid and all funds are collected and distributed properly. The closing agent also reviews and prepare all the legal documents and contracts to make sure everything on the contracts are satisfied at closing. You can go with the sellers attorney but remember they have a feduciary responsibility to the seller.