Closing deals

3 Replies

I know the rules are somewhat different in different states, but when closing on a piece of investment property, do you use an attorney or title company? Also who is the person that closes the deal?

As the buyer or seller I know here in IL attorney's for representation on both sides is strongly recommended and my check has always been cut by a title company (Chicago Title is a popular one here). The attorney's generally discuss the perimeters of the contract to ensure everything is adhered to and the title company ensures funds are distributed properly & check for any outstanding issues that might delay closing. 

Hope this helps. 

- Toshia. 

We always close with a title company. On bank owned properties we typically use their title company and save us some money, unless it's a title company we know with a reputation of not getting deeds recorded on time, then we pay extra  to have our own title company do the close.

When we close with the bank's title company they typically send out a mobile closer to wherever we are.

When closing with our title company we typically go to their office and one of their closers handles the transaction

We always the HUD prior to scheduling the closing, and always get title insurance

In Texas, I typically use fee attorney's (who represent the title company) because I'm document conscious and the attorney seldom fights me on document revisions / deletions like an escrow officer often does. I know it's different in NY though. 

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