I have a wholesale deal and assignment worked out. The buyer/investor wants to use her attorney for closing not my title company? Should I worry about anything? There is a $5k earnest money. Thoughts please, I have like 12 hours to figure this out!
From my experience, there hasn't been any problems with that.
@Roland Paicely awesome thanks! I think she senses I'm new, so she's metaphorically pushing me around.
@Trevor Schuler Some investors feel more comfortable closing transactions at a title company they have used before. If the buyer has put up sufficient earnest money and you dont get the feeling that they are going to back out then its not a problem. Close the deal! Congrats!
@Lydia T. The only issue I have is that the purchase and sale agreement has listed my title company and they've done a title search already so I know they've been in contact with the seller and the seller may remember that the contract said my title co. name. I don't want to spook the seller and legally the buyer needs to uphold my contract as well?
Provided that the contract was assignable... title company A can transfer the EMD and the title search to title company B. Most underwriters permit this without question and without further documentation if the abstractor who conducted the search produces evidence of sufficient E&O coverage.
@Trevor Schuler You can amend your contract to change title companies. And you would just have to inform your title company and your seller that you are making a change. Or you can speak to your buyer and let them know that the title search has already been completed by your title company and see if they can be made comfortable using your title company
@Lydia T. Thank you Tom and Lydia for your expertise!