Wholesaling Contact Process
Hello to everyone on BP!!! I have a quick question I’m sure that can be answered briefly. Okay so I understand the purchase and sale agreement contracts and the assignement contracts but I don’t understand the process you go through with an attorney or title company. When I make a deal with a seller and the seller agrees to sign the contract and I hand over X amount of earnest money. Do I need to go to the title company for this transaction to take place? Do I need to sign contract A at the title company or attorneys office? And vice versea for contract B? Where do both transactions need to take place?
In short, yes you need a title company. They will do the title search to make sure all the liens on the property get paid off. They also provide the title insurance that you will need in case they screw up or something was wrong in the title search. They also escrow the earnest money and accept the wire, take what is needed for their fees an liens and you will get what is left. They also file all the documents (deed, mortgage, etc) with the county.