First Property Under Contract -- Cloud Title?

Question

Hello!

A few days ago I got my first property under contract in Columbus, OH. I am now presenting this property to my buyers list and I found myself asking "What is the best way to prevent buyers from cutting me out and going behind my back?".

I know it may sound juvenile and maybe unprofessional, but I do know that this does happen. Should I put a cloud on the title???

I have been told my some that the contract alone is enough to hold my ground and legally I can't be crossed. But again, this being my first deal, I am a bit unsure and just want to make sure that things are done properly.

Thank you for the help!

Zach Schaar · Answer

Thanks for the advice. I see what you are saying. I will take what you've told me and whatever the outcome use it as a learning experience...! Thanks again.

@Jessica Swingle

Jessica Swingle · Answer

Hi Zach,

Congratulations on your first "under contract!"

In my area, the investor community is a pretty small world. People who try to take advantage of you won't be around long. Or, in the least, be able to maintain a respected, professional reputation for very long.

My serious buyers don't care that I'm making money on the deal (as long as they are able to meet their profit margins) so there's no real incentive to screw me over. They want me to keep bringing them deals!

Also, I try to establish trust with my sellers so they are committed to working with me through the end and less inclined to cut me out of the deal once we start that process.

That said, you just never know. People are crazy.

Just remember, if for some reason the deal falls through, there will always be another one!

Good luck!

Zach Schaar · Answer

I also want to mention that I have a good, secure rapport with my seller and I don't think he would do that to me, but again, I want things to be as secure as possible.