Philadelphia, PA · Member since 2018 · 14 posts · 1 vote
Hello All:
I'm in the Philadelphia, PA area and wanted to know if anyone local knows any good title companies with experience in double-closings and assignment contracts.
Thanks for any feedback.
Sincerely,
Carla Richardson
Most title companies can handle double closings and assignment contracts. But note that:
Assignments trigger realty transfer taxes in PA. This means you have to pay the transfer taxes twice.
Some lenders will require you to bring your own funds for the first part of double closing.
The second issue is situational while the first issue is unavoidable. If the title company does not require you to pay the realty transfer tax twice for assignments, that raises some concerns about that company's ability.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.