When wholesaling a property, do you have to use a title company in the same city the property is located, or can you use one that is local? For instance, I'm looking at a property in Northern NJ, but I live in Delaware. So would I use a title company in NJ or DE?
@Christopher Dorman - Unless you are doing a double-close, you will probably let your end-buyer chose the title company. Regardless, the title company should probably be located in the same area as the property.
It should definitely be in the same state at least. the title company needs to have connections with actual searchers in the county in which the property is located so that those searchers can look up the deed, mortgage, etc. all of the documents in the title report are recorded in the county in which the property is located. A Delaware title company might have connections in a New Jersey County Recorder's office but doubtful.
I understand, makes sense. Thanks for the valuable help guys!
Originally posted by @Bryan L. :
@Christopher Dorman - Unless you are doing a double-close, you will probably let your end-buyer chose the title company...
I don't agree. I always want to use my title company so I can stay in control of the deal. I have a relationship with my title company so they know how to close the deal in the way that it needs to be closed. Not all title companies are "investor friendly".
Just my 2cents no disrespect to Bryan
@Scott Costello - And for that same exact reason, that is why I would want to close with my own title company if you (or any other wholesaler) brought me a wholesale deal. Even more so if that wholesaler were a newbie.
@Christopher Dorman if you need any recommendation for title company I would be happy to recommend a few I have used in the past that work well. PM me if need be.
The title is going to be recorded in at least the state the property is in (most likely the county). Some title companies have multiple licenses for different states. Some states require title companies to hold at least a physical office in there state to write policies but again many do title work in many different states so it might be possible to use a Delaware firm that can write you a policy for NJ.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Get the Ultimate Beginner's Guide
Sign up today to receive the popular eBook for free!