Seller is not transferring keys at closing.

36 Replies

I think, I should tell what I think the worst case might be.

What happens if you give the person you are dealing with the money and before the title company records anything the real owner files a deed?

Before you act like I am crazy... remember you said the owner manages the property.  Yes I called the person that "bought" the property the "owner".  They will know when you are closing.

Originally posted by @Paul Sandhu :

A 4.5" angle grinder with a cut off wheel will remove a door knob.  You need a flat blade screwdriver to take care of the rest.

If there is a deadbolt, you'll need a 7" angle grinder with a cut off wheel.  There isn't enough clearance between the door frame and the bull nose of the dead bolt to fit a 4.5" grinder.

You'll need a source of 110 volt alternating current.  I keep a power invertor in my truck, along with an angle grinder and a host of other property management tools. 

It'll take you 30 minutes the first time. 10 minutes thereafter.  Wear leather gloves and hearing protection.

22 STRs with 82 beds is what I have.  Bank foreclosures with 25 cents on the dollar is what you can buy in my market. Google "Worst place to live in Kansas." It is Coffeyville, my market.

 Or he could just have the tenant unlock the door for him. That seems easier to me.

And this is why you get Title insurance/ hire a lawyer.

Changing locks are pretty simple

Originally posted by @Bradford Clark :

And this is why you get Title insurance/ hire a lawyer.

Changing locks are pretty simple

Maybe you didn't quite notice that @Tom Gimer , who has posted in this thread, happens to be a lawyer AND does title insurance ...

Originally posted by @Tom Gimer :
Originally posted by @Ashish Acharya:
Originally posted by @Michaela G.:

It's no big deal to change the locks. I bought a lot of reos and i hardly ever got the keys.

With that said, i would dig a little deeper in that previous purchase. Did the relative put down payment to purchase? If so and if he has proof, I'd be careful. He might not walj away all that easily. That's why the owner of record is likely willing to sell that low. Sort of like the cheated on wife who sells the husband's belonging for $ 1 just to spite him. You get a great deal, but you might be getting a lot of bad energy with it.

 thanks. I talked to the lawyer and said my transaction with a seller is not affected by if there is a litigation in a family. thanks :) 

Did you happen to mention to the lawyer you're paying 50 cents on the dollar? 

 I value your input there. 

This is what the closing attorney said "I asked the seller whether his brother has any interest in the property and he said no. I also double checked the title and seller is the only person on a title. There are no other recorded agreements or contracts. Based on this I’m ready to issue an owner’s title insurance policy and require the seller to sign a seller’s affidavit." 

Would you be satisfied? 

Originally posted by @Steve Babiak :
Originally posted by @Bradford Clark:

And this is why you get Title insurance/ hire a lawyer.

Changing locks are pretty simple

Maybe you didn't quite notice that @Tom Gimer , who has posted in this thread, happens to be a lawyer AND does title insurance ... 

I’m sure you are aware that lawyers hire lawyers. I would suggest hiring a specialist in any situation. Or are you trying to be smart and/or  criticize ?  

Originally posted by @Ashish Acharya :
Originally posted by @Tom Gimer:
Originally posted by @Ashish Acharya:
Originally posted by @Michaela G.:

It's no big deal to change the locks. I bought a lot of reos and i hardly ever got the keys.

With that said, i would dig a little deeper in that previous purchase. Did the relative put down payment to purchase? If so and if he has proof, I'd be careful. He might not walj away all that easily. That's why the owner of record is likely willing to sell that low. Sort of like the cheated on wife who sells the husband's belonging for $ 1 just to spite him. You get a great deal, but you might be getting a lot of bad energy with it.

 thanks. I talked to the lawyer and said my transaction with a seller is not affected by if there is a litigation in a family. thanks :) 

Did you happen to mention to the lawyer you're paying 50 cents on the dollar? 

 I value your input there. 

This is what the closing attorney said "I asked the seller whether his brother has any interest in the property and he said no. I also double checked the title and seller is the only person on a title. There are no other recorded agreements or contracts. Based on this I’m ready to issue an owner’s title insurance policy and require the seller to sign a seller’s affidavit." 

Would you be satisfied? 

Our inquiry would go beyond the guy walking away from the settlement table with all the money.

If this were our transaction we would require both brothers to sign the deed in order to eliminate any future claim.

Good luck.

I've drilled locks with my cordless. It's surprisingly easy. You should change locks anyways.

What if the guy starts living in the house before the sale? Would you need a writ of possession to remove him?

Originally posted by @Elvis Vasquez :

What if the guy starts living in the house before the sale? Would you need a writ of possession to remove him?

 It’s a rental property.

 I have already talked to the tenants, and they are on board. 

How was closing? Any problems?  Are the locks rekeyed?

Originally posted by @Jeremy Paschedag :

How was closing? Any problems?  Are the locks rekeyed?

Hey, thanks for asking. Strangest Closing. I did not even meet the seller. They came in and signed before me. 

It's been two months. no problem at all. All the locks are rekeyed. 

It was a good deals.  :) 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here