Help, I Talked To The Title Company!!!!!!
I just had a conversation with my Title Company concerning lease options.
Here was my question:
If I lease a home with the option to purchase it within a year, and then find a buyer to purchase it, can I do a simultaneous closing?
Well the Title Company has informed me that unless I disclose everything to the seller in the contract as well as the buyer in the separate contract, I cannot complete the transaction. Unless I purchase the property with my own funds or a mortgage. Well as you might have already figured out I don’t have that option available.
If anyone has any experiences involving such circumstances that would be willing to help me through this It would be greatly appreciated!
Furthermore, if anyone has a copy of a lease option agreement that already has a provision included for such an occasion, and would be willing to share it with me. Contact me via Email.
I know this may sound simplistic, but get another title company.
Try going to the smaller title companies or use an attorney. If a small title company or settlement attorney knows you will bring continous business, they can care less what you are doing, as long as they aren't violating any laws. And we already know that simultaneous closings are not against any laws that I am aware of.
Don't go for the big boys like Stewart or First American. Go for the small local title companies.
good luck
Beau
[ Edited by bjsmooths on Date 10/21/2003 ]
Beau is absolutely correct. Find an attorney that will meet your needs and you are on your way. Good luck.
Matt
You know that is funny because, I was talking to stewart title!
And I was thinking that it may be just a policy thing that just they will not do it for me.
Thanks for the advice, I will talk to how ever many it takes to find one who can do it.
I mainly just wanted to make sure it can be done.
kmaples25