Closing on an all cash deal

[James Beam]

Hi Guys, 

I currently have 4 commercial rentals that I purchased last year that houses my business (purchased from my old landlord). I obtained a commercial loan for that. However, now, I have the cash to purchase some SFHs with cash and am a little unsure as to the process. With a commercial loan, my realtor and myself would submit an offer, then, when accepted, I would simply contact my financing. They set everything else up for me and simply sent me the HUD statement, and told me where to show up for closing with the certified down payment.

But now, when i get an accepted offer, who do I contact to move the process along (since I don't need my banker).   Do I call a closing attorney? title company?

Any advise would be great!

Thanks

James Beam

[Justin S.]

Hi @James Beam

I assume that if you are engaging in cash deals that you are nonetheless having title exams performed. I  would utilize the title company to complete the closing as well as they are licensed escrow agents.  If you already have a title company that you are comfortable with, then great.  If not, ask a few investors which title company they prefer.  Just like anything, there are title companies that are diligent and efficient and there are title companies that are sloppy and slow.  I run my own titles and conduct my own closings in Ohio.  As a disclaimer, I am unfamiliar with KY law. 

Also, if you are doing cash deals, be sure to utilize a purchase contract that has been drafted by an attorney or at least reviewed by an attorney.  You want to ensure that the appropriate contingencies are listed. 

Good luck!