Process at Title Company

7 Replies

When wholesaling, once I get a property under contract with the seller should I take our contract to the title company immediately? Or do I find a buyer first and take P&S and Assignment contracts to title company at the same time?

wondering if either an Attorney or Escrow holder cuz usually its coordinated with those parties as included in their cover/alacarte fees, least round her

@Micah Ainsworth You can do it either way. many wholesalers start tile work and make the end buyer use their title company. I would tend to go that way as I want to use a title company that won't screw it up.  Most Title Companies tend to work with homeowners not investors. Those often don't know what to do with an investor deal. 

However if you are new and selling to an experienced investor they may know better which title company to use.

Thank you! @Ned Carey  

Also, any non refundable consideration to seller is held by the title company, correct? 

@Micah Ainsworth   . . . usually in the Title Co's escrow account - and released, with all other funding, to the interested parties when the transactions are finalized.

Originally posted by @Micah Ainsworth :

Also, any non refundable consideration to seller is held by the title company, correct? 

 That depends on what you negotiate. When I write a contract to sell I like to hold the deposit myself. When I am buying I certainly don't want to give it to the seller as I may never get is back. With listed properties it is normally held by the broker. But it is all up to the parties to the contract to decide.  The broker is NOT party to the contract and has NO say in the matter.  

@Ned Carey do you have a specific clause in the contract for holding the deposit?

Presumably the broker holds the deposit in escrow?

"Deposit will be liquidated to cash and held by Seller."

IF I am buying I would generally Say "Deposit to be held by title company"

That is what I use. I can't recommend what you should use as I am not an attorney.

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