Investor · DFW TX · Member since 2018 · 54 posts · 15 votes
Hello, I recently made a offer on my 1st investment property and it was accepted. The title company sent me a email saying they need to update the abstract and it would cost me $500-$1000 to do this. Is this something that I must do? The property is 10k and I planned on using a 0% interested credit card to fund the purchase, but the title company also said that they only accept cashiers check or wire.
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
7y
They need cashiers check or a wire because those are the main ways for them to unequivocally have the money. If you put it down on a credit card you could conceivably call your credit card company and dispute the charge.
They're basically updating the list of transactions for the property. $1000 seems high for an update, I think I paid $500 for that particular line on my last purchase. Can't find the breakdown right now but I'll keep looking for it