All Forum Posts by: Jay J.

Thanks Jesse for the great help!

Hi guys First time here. Starting making personal investments in properties, start with residential and in future when have more money hopefully can do commercial. Look forward to learning from all of you here! Good luck in all your ventures! Jay

Dear All,

Hope all is well. I am pretty new here and wondering if any experts in this forum can give me some help on this question:

Recently I was looking at a REO auction property, the bank has already taken the title and it was bid on Auction.com with a reserve price.

In the documents they put upfront, there is a Title Commitment from First American Title. However, in the sample Purchase agreement, I saw on the front page, it says if the buyer does not elect to use their own Title Company, they will use the Title Company chosen by the seller.

However, in some Addendum later, it says in BOLD that the seller offers no Title insurance and this is sold with Quit Claim Deed.

Question: Will the seller actually include a title insurance during closing from First American or they just attach a commitment there to tell me that the Title is clean based on the commitment?  If so, why on the first page of PSA, there is a line saying that if I don't select my own Title company, it is deemed as I accept Seller's Title Company choice (this is the comfusion point, since later on deep into the PSA it says that Seller is not attached a Title Insurance to the deal)

Thanks for any help to this matter!

Cheers 

Jay