Title Co to close multiple properties

9 Replies

Can a title company close on multiple properties with one purchase agreement? Can anyone recommend an investor friendly title company in se Michigan, near Ann arbor and Detroit.

Originally posted by @Joe Doman :

Can a title company close on multiple properties with one purchase agreement? Can anyone recommend an investor friendly title company in se Michigan, near Ann arbor and Detroit.

Kind of an odd question. Sure, you can have one P.A. cover multiple properties. However, at closing, the title company will likely prepare separate closing documents for each property (closing statement, deed, etc). You can have one deed to cover multiple properties if you really want, but the properties have to be in the same county.

I was looking for a quick and simple contract to send the seller for an offer on 10 properties, instead of sending of sending 10 separate PAs. -i had a company reject a PA with multiple props and wanted me to send separate for each. Does not seem time effective. What title company do you use? Thanks for the input. 

@Joe Doman

Howdy

I've done exactly what you're talking about many times and in your area.

Title companies don't like doing this because they don't make as much money.

Like selling a 6 pack instead of individually.

Pam at Core Title in Livonia is great.  

Anything else let me know.

Good Luck!

Originally posted by @Chris Ramos :

@Joe Doman

Howdy

I've done exactly what you're talking about many times and in your area.

Title companies don't like doing this because they don't make as much money.

Like selling a 6 pack instead of individually.

Pam at Core Title in Livonia is great.  

Anything else let me know.

Good Luck!

To be fair, they have to do the same work for each property, regardless of whether it's all covered under one P.A. or not. Don't get me wrong, I think title insurance is generally a racket, but I can understand why they want to charge the same whether it's bundled or not.

@Joshua B.  

@Joe Doman

I do agree they do the same work for each property and then comes along the smart investor that saves by only paying one closing cost instead of 10 or however many are in the package

Here's an interesting fact.

I've bough and sold close to 900 properties in my 18 years of doing real estate and I've only used my title policy twice.

Once for a $2,500 issue and another time for a $10k Issue, both errors were on the title company. 900 houses times a conservative $400 per policy =  $360,000. Holly Heck that's the first time i've thought about it and ran the numbers.  Yep it's a racket.

Think of it this way - You hire a title company and pay them to ensure the title is clean and then we're basically forced to buy an owner's title policy from the title company to insure us against any thing that "comes up" in the future and or any Mistakes they made.

One important thing to do Joe is to make sure you have separate PTA's (Property Transfer Affidavit's) for each property and also make sure that you put the appropriate purchase amount for each property on each individual PTA.

Last thing, make sure you get Final Water Meter Reads. With the city of Inkster they don't allow the water bill to be in the tenants name like Detroit and other cities. So you would be stuck with any lingering water bill as they are attached to the house.

Good Luck!

Originally posted by @Chris Ramos :

@Joshua Birk 

@Joe Doman

I do agree they do the same work for each property and then comes along the smart investor that saves by only paying one closing cost instead of 10 or however many are in the package

Here's an interesting fact.

I've bough and sold close to 900 properties in my 18 years of doing real estate and I've only used my title policy twice.

Once for a $2,500 issue and another time for a $10k Issue, both errors were on the title company. 900 houses times a conservative $400 per policy =  $360,000. Holly Heck that's the first time i've thought about it and ran the numbers.  Yep it's a racket.

Think of it this way - You hire a title company and pay them to ensure the title is clean and then we're basically forced to buy an owner's title policy from the title company to insure us against any thing that "comes up" in the future and or any Mistakes they made.

One important thing to do Joe is to make sure you have separate PTA's (Property Transfer Affidavit's) for each property and also make sure that you put the appropriate purchase amount for each property on each individual PTA.

Last thing, make sure you get Final Water Meter Reads. With the city of Inkster they don't allow the water bill to be in the tenants name like Detroit and other cities. So you would be stuck with any lingering water bill as they are attached to the house.

Good Luck!

 I'm really hopeful that blockchain technology combined with ever improving mapping technology will allow us to get rid of title insurance. Seems like one of the most obvious/best uses for it.

TriCounty Title in Plymouth in Sheldon Rd is fantastic to deal with. They are fast and thorough and you will get personal involvement with the team there. Dealing with them has been a breathe of fresh air as compared to the bigger companies out there. They are responsive and your business is a priority for them. We use them for every transaction we can.