I currently have two SFH rentals, and closing my third. These properties are distressed, and need serious rehab work. This will be the first time I have not had a realtor, title company, and atty involved in a purchase.
Here's where I'm at:
We've signed purchase agreement ($16k PP no EMD), and are ready to close. Waiving all finance/inspection/etc. contingencies. Seller is pushing to meet at bank and have Deed notarized, transfer funds same day and walking away. Doesn't the deed need to be recorded before I'm fully protected in the transaction? What other steps are there that I'm missing?
Seller seems 100% legit (I did my own title search, he has title. Taxes paid in advance actually, no liens could be found through recorder online), however you never know in this world. In the back of my head I feel like there's a loophole I'm missing and he's going to walk with my money.
Should I be paying the premium of having an attorney draft all documents and handle the transaction when the purchase price is so low in the first place? It's hard to justify $1000 to the atty, + title ins and all other fees associated with a typical close.
do the transaction thru a title and escrow company to have a fully insured title. You might spend a few bucks more now but when you go to sell it in the future the insured chain of title will save you future expenses and bring top dollar to your future sale
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