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Updated about 10 years ago on . Most recent reply

User Stats

8
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1
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David Huber
  • Real Estate Investor
  • Snoqualmie, WA
1
Votes |
8
Posts

My first contract purchase deal on an 8 plex

David Huber
  • Real Estate Investor
  • Snoqualmie, WA
Posted

SO, I have never done this type of creative purchase before, I am used to the normal process of escrow/title etc.

Since this normal process is not involved for this deal, as the contract is being carried, it seems I need to get a full disclosure, or It seems I should find out on my own if title is free and there are no liens BEFORE getting into a closed deal. ( and being stuck).

What recommendations, tips tricks etc. can any experience, seasoned, and knowledgeable investors have for this beginner? 

DO I just get my real estate Attorney to look it over?

Most Popular Reply

User Stats

194
Posts
175
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Mike Sattem
  • Investor
  • La Grande, OR
175
Votes |
194
Posts
Mike Sattem
  • Investor
  • La Grande, OR
Replied

@David Huber,

Why no Title Company/Escrow in this transaction? I have done three owner carry purchases, and have used my local title company every time to prepare the owner carry note, deed, title insurance policy, and record the deed with the county. It may just be a convenience thing on my part, but this is the only way I have ever seen it done in my neck of the woods. I'd be interested to hear if there is another way of doing it.

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