Help need a title company/ lawyer solution! Like yesterday.
I need a referral today!
I need a title company /lawyer in South Carolina who can close a wholesale double closing ( simultaneous closing) deal front to back. A company who has a history of deals using transactional funding. Who is comfortable with a nice profit spread. A company who will issue title insurance for two buyers. A company that is reliable and can get the work done. I need a company who is creative and forward thinking and works with investors who do real deals! Who has a track record of doing these types of deals!
I have a deal that was suppose to close on June 27.
I have burned through two lawyers/ title companies who said they could close a Wholesale deal using transactional funding. One said by law they had to disclose to the seller and buyer how much money I was making.
The other said the seller could come back to sue us if they closed because they were selling at such a discount.
I need a referral today! Of title company who can get the job done!
CJW Investment Group LLC
I don't know RE law in NC, but this is ridiculous. There is no reason why the seller OR buyer would need to know how much you are making. There will be 2 separate HUD's and neither will know the amounts on the other.
I would suggest calling EVERY title company in your city or surrounding cities who have done these before.
Every lawyer I talk to is saying the same thing. Saying in south carolina it's considered a flipping transaction and by law your required to sign full disclosure agreement s in such a matter. I don't get it. Smh
I have a Charleston attorney for you. Contact me
Wow. Very good information to know if somebody can confirm? I'm moving forward on marketing in Columbia, SC. Thanks!
Why are you doing the transaction that way? Why wouldn't you just assign the contract to the cash buyer and then there's a single closing and you get paid off the HUD at closing? (and yes, both parties would see what you're making...)
Seems like going to an extreme to arrange for transactional funding and a special double/simulatneous closing just to obscure your profit. Are you concerned that someone would back out of the deal if they became aware of your profit margin?
I understand your frustration. I don't know if there is a specific law dealing with this in SC but I do know it is best practices to disclose to everyone. If you are scared to disclose your profit, maybe that is an indication things are not kosher with the deal.
Depending on who the A seller is and who the C lender is, you may be legally obligated to disclose too. Disclosure is always good.
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