Title Search Fee

[Russ Swan]

Hi,

Would you kindly clarify something for me please?

First off I understand that if I’m assigning a contract then I don’t need a title search or Settlement Statement. That would surely be a matter for an assigned buyer who’s accepted an Assignment of Contract Agreement.

Now let’s say I send a signed purchase agreement to my title company, which I intend to assign to another buyer. In the covering email I point out that I intend to assign the contract, but at this point I don’t have one identified yet.  There is also a 14 day inspection period which allows me to cancel the contract if the property doesn’t pass the inspection.

What if the property fails inspection by me or an assigned buyer within that first 14 days? None of us would be wanting to pay for a Title Search as it would no longer be required.

So when do title companies normally start doing the title search and applying the fee?  Do they normally wait until any inspection period is finished?

Thanks,

Russ Swan