Closing on off market deal

[Chris Seveney]

I am looking at acquiring an off market deal in the DC / Virginia / Maryland area. My question is how does the transaction work? I have been told they will provide clear title. But what are the steps in the transaction ? Is there a HUD-1 ? Do I still need a closing agent? Should I get my own title insurance ? (Note timing required for closing may not allow as they wish to close quickly) Thanks

[Russell Brazil]

Contact a title attorney to handle the transaction. If it is all cash you do not need to get title insurance if you do not want to....but I might check through the land records to make sure there are no liens. Personally I get title insurance whenever the property is either old (many owners in title chain), has been a foreclosure, or has been an estate. Those things will create a situation with a higher chance of title defects.