Title Report / Insurance And Property Insurance ?
I have tied up a house "subject to" instead of my normal lease option route.
Is Title insurance neccessary at this point if I can get a clear title report? How also should the property and liability insurance component be handled? He had it rented before to a tenant.
I am making his PITI payments? Should I change the current policy.
Should I record the deed myself or is it best to have an attorney close this transaction in a trust deed state ****Must Reach Senior Investor status before posting URL's*** North Carolina. The house I got was only 69000 on remaining loan. Value approx 79,900. I am accepting a option payment of 1000 cash , and 1000 sweat equity to new owner with their payments at $850 a month giving me a 200 a month spread.
So I am trying to save on fees being this is new to me and upfront cash is low.
Please advise
you should have ordered a title search (or done one yourself) before taking the deed. Otherwise, you don't know exactly how good the title you are buying actually is. The title may be riddled with encumbrances. Order a title search now and keep your fingers crossed.
Record the deed once you get the all-clear and pay the doc stamps. You probably dont' need an attorney to record the deed, just walk it over to your county recorders office, pay the fee, and have them record it.
Thanks for the quick post. I contacted the title company today, however they said I had to order it through an attorney since NC is an attorney state????
Is this correct. I have done a prelim title search on the internet and turned up nothing?