Found a flip in new jersey im buying. should I use a title company there or just use a attorney to close the deal. i know in that state you can use either or but looking for the best method since this is my first rehab in the state apart from wholesaling which i use attorneys for.
You need to find out if the prop it has clean title. Not sure if attys do that, Ive always thought it was title companies that do title search. Get a title company and title insurance, kindof standard operating procedure and best practice... Good luck!
Legally speaking, you can use either in NJ. In ordinary residential transactions, the custom in southern NJ is to use title companies, while in northern NJ most people use attorneys.
An attorney will charge more than a title company does. However, he/she will also perform more services. One of those will always be ordering a title search in order to make sure that clear title is delivered to you. However, a title company will not review your contract to purchase and point out ways in which it might harm you the way an atty would. An atty is your advocate in the transaction, while the title company just acts to close the transaction in a sort of neutral way.
I use an attorney, and I recommend doing so. Don't be "penny wise and pound foolish."
An attorney is often the best way to go and it helps to build for future a relationship.
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!