My title company backed out HELP!!!

3 Replies

Hey guys, I have a property under contract and before hand I spoke with a title company and they assured me they do assignments of contracts but now after looking at the contracts they are backing out saying that since the price I got it under contract to is different from the price I'm assigning it to they wont be able to close. I've contacted a couple of other escrow officers (not from a title company) and they seemed like they would be to set up the escrow. Can we close escrow with someone else (not the title company)? And have the investor record the deed with the title company?

Originally posted by @A Xiong :

Hey guys, I have a property under contract and before hand I spoke with a title company and they assured me they do assignments of contracts but now after looking at the contracts they are backing out saying that since the price I got it under contract to is different from the price I'm assigning it to they wont be able to close. I've contacted a couple of other escrow officers (not from a title company) and they seemed like they would be to set up the escrow. Can we close escrow with someone else (not the title company)? And have the investor record the deed with the title company?

if the buyer does not require title insurance just prep the deed yourself.. meet at the bank have them hand you cash and you hand them the deed and let them go record it..

Originally posted by @Jay Hinrichs :
Originally posted by @A Xiong:

Hey guys, I have a property under contract and before hand I spoke with a title company and they assured me they do assignments of contracts but now after looking at the contracts they are backing out saying that since the price I got it under contract to is different from the price I'm assigning it to they wont be able to close. I've contacted a couple of other escrow officers (not from a title company) and they seemed like they would be to set up the escrow. Can we close escrow with someone else (not the title company)? And have the investor record the deed with the title company?

if the buyer does not require title insurance just prep the deed yourself.. meet at the bank have them hand you cash and you hand them the deed and let them go record it..

 Thanks Jay for the reply. So if the buyer does not want title insurance, I should create a deed and close at the bank doing the escrow?

Sounds like you asked about an assignment, but instead are trying to do a double close?
Did you sign a purchase/sell contract with your buyer for a Selling Price higher than what you have it under contract for OR did you execute an Assignment agreement with your buyer where he takes over the purchase agreement Directly with your seller and also pays you a fee of $5k or so?