I've found a buyer and got the assignment contract signed, now what do I do? Do I just need to drop it off at the title company and be on my way until closing? Do I need to tell the buyer to contact the title company or do they need to have his contact information? Just making sure I'm doing this right and have all my ducks in a row. Thanks in advance for your help!
I will TRY and help since no one answered yet. I say "try" because I'm in an "attorney state". At least the Northern part of our state uses attorneys instead of dealing directly and exclusively with title companies (unlike South Jersey). Having said that, reading your post I notice you didn't mention anything about what you should do with the earnest money deposit that you collected from your buyer. You did collect a deposit didn't you?
Assuming so, I believe the other investors living in non-attorney states suggest that you "open escrow" and hand the deposit over to your title company. After that, you have 2 schools of thought: 1) the first school says that you step out of the process and wait for your check on closing day. 2) the second school of thought, followed by a Son who was raised by a Dad who didn't let you make excuses for not accomplishing something because you relied on your end buyer to do everything she was supposed to do says to be involved in every step to make sure the deal closes , you get paid and the seller gets what you promised them. With that school of thought, you then need to step fully in the process and make sure that title has been ordered.
Every locale is different so check with your title company to help you interpret the contract AND understand the local laws and customs that have to be followed in order to get the deal closed. You may need to obtain a certificate of occupancy, smoke certification and who knows what else. Hope that helps.
I already paid the earnest money on my own and collected a deposit from the end buyer so I'm guessing that I COULD just drop the contract off at the title co, step out and wait for my check. But being as this is my first deal I want to be as involved as possible so I can learn as much as possible.
In my world Kyle it's really not an option. There is SO MUCH that can go wrong and derail your check's arrival unless you're on top of the process making sure that your buyer performs. Plus the seller is trusting YOU to get it done and likely isn't as comfortable with your end buyer as they are with you. So you need to work this deal from both ends (seller and end buyer) to make sure you get paid, the seller gets their money and your end buyer gets the property they want. Primarily you want to make sure that 1) title is clear (no liens or ownership issues that will prohibit your seller from conveying the property), 2) your end buyer has the cash and will close on time and 3) your seller doesn't change his/her mind. Concentrate on those 3 areas and everything in between and you will learn a ton. And get paid for doing it! And talk with your title agent. They, along with BP, are your free mentors right now.
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