Keep title open for a year?

[Cliff T.]

Hey BP!

Happy Superbowl weekend. I'm closing on a property in Philly in the next week and want to get your advice on one of the pgs that I need sign as part of my closing docs.

I'm paying all cash for the property and there's an option to keep the title open for a year. Presumably one would want to keep the file open if he/she is planning on getting financing? That's what the doc says.

Can someone here explain to me the pros/cons of keeping the title open for that year? Seems like a no-brainer if it'll just facilitate the financing process later down the road. FWIW, I do intend to get financing later down the road (6-8 months) once the place is fully renovated and I've had a tenant in place for a while.

Thanks in advance!

[Christopher Phillips]

@Cliff T.

holding title open is common with flips since the investor plans to sell quickly. It could save you some effort later during the delayed financing since that would require a title search to very there aren't any liens.