Hello Biggerpockets community. My name is Jorge and I am a new wholesaler in the Sacramento area. My partner and I will be sending out our direct mail campaign by the end of August. My question was for any wholesaler that have closed on a deal in the state of California. Did you use a title company (if so which one) or did you go with a attorney? If you have closed with both, which one was easier? Any help will be appreciated. Thank you.
California isn't an attorney state like other states. Specifically in norcal we use title companies to handle title/escrow (socal uses separate title and escrow companies). The use of re attorneys here is for drafting up contracts. So if you need a contract drafted you can get a re attorney, then once you get into contract go to a title company.
You would use a title company. The one thing you have to think about is how will you do the double close. Most title companies don't like to do a transaction on assignment.
@DerekJones That is good to know. I was planning on meeting with a attorney to look over a draft contract I have. I won't want any surprises down the road. Do you know of any investor friendly title companies or attorneys?
@GordonCuffe Thanks for the heads up. We were planning on doing an assignment. We did not like the idea of a double cost. We believe in being open with or seller and buyer and letting them know that we were going to be making a profit of the deal. We believe this will help with the seller/buyer trusting us through out the transaction. But if we don't have an option then we will have to double close.
@Jorge Soto I'm curious if you ever heard back privately about any of this and how this all played out. Specifically, how your contract(s) held up with the lawyer, if you found a title company and escrow or both together and if you went with an assignment or double close. Thanks!
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