Double Closing & Title Company
Hi,
I wonder if anyone could recommend a title company that would do double closing? I am in Northern California. I called many and most gives me the "it's unethical" answers. But none could tell me if it's specified anywhere in escrow guideline that it's unethical, they said it was based upon their "experience." I think it's garbage, my RE attorney said it's perfectly legal and they just aren't used to our investor's way of doing business.
Thanks in advanced for your help.
I am at this moment doing a double closing. I am using Chicago Title in San Jose. They have no problem with the process as long as the contracts work.
This probably won't help your question but a double closing is perfectly legal.
I would contact your local REIA group and see if you can talk to someone there who would know. If not, I would call up other investors in the area and talk to them (look in paper).
Last, I would pick about 10 title companies, call them and ask them if they work with real estate investors...if they do, ask to speak with someone who's been there the longest. If they don't understand what you are talking about, then explain it to them.
If you need a great explanation, let me know and I will get you one.
The Solutions Kid
[addsig]
[ Edited by WealthRabbit on Date 09/30/2003 ]
And Chicago is willing to close two transactions on ONE loan only? I talked to Chicago in SF and they don't do that. They require two separate loan for two separate transactions, so I need to come up with my loan when close with seller. They even double checked with legal department. Others like Fidelity requires a full disclosure of pricing to all parties. Also, assuming buyer's lender needs to be found BEFORE closing day, during which time you don't have the title yet, how did you get his lender to lend against a middle person/non-owner? Unless your buyer is using private fund or hard money lender?
My understanding of double closing--
buyer's lender wire fund to title company, I close with seller and buyer back to back without my loan, maybe just closing fees on both. Title company write a check to seller and difference to me. [ Edited by WealthRabbit on Date 10/01/2003 ]
Hi tmarch,
could you tell you who is the rep and which branch of Chicago in SJ? I did a search and there is one on Taylor, is that it?
What is the definition of a double closing and when and to what kinds of transactions/situations does it apply?
Thanks!
Run a search on "double closing" on forum and you will get more than you've got time to read.
I am also looking for a Title Company that will do double closing. I am in Chicago. What is the name of the Title Company and the Reps name.
Chicago title company in San Jose, not necessarily in Chicago. Branches usually works differently in state or even areas.