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Updated about 4 years ago,
Title company for wholesaling FLORIDA
Hi everyone, I have a quick question in regards to title company’s while wholesaling.
If I target a home and agree on a price with the homeowner, and we have a signed PURCHASE & SALE agreement between him and I, do I IMMEDIATELY take that to title company and have title ran? That way I have enough time to back out of deal if it doesn’t make sense with any surprise liens, taxes, etc.
Let’s say the contract is 14 day inspection period and 30 day closing. On the first day I signed with the homeowner the Purchase & Sale agreement, I take it and get title ran. That way 14 day I’m safe and can still back up out of the deal once title comes back with information (of course will be in my clauses). Only after will I take the signed contract I have with title information and try to market to END buyers/investors to assign to them the contract after knowing exactly what is what. I feel like this is the best and most time efficient way so you don’t waste your times on deals you can’t go through on. (Who pays for title search if it happens to come bad and I want to back out of the deal? Can I put a clause that homeowner must pay the title company for the search they ran if it comes back not to my liking.
thank you all and looking forwarding for more great clauses and tips to put on contracts to protect me both in a homeowner contact (purchase & sale) and when I assign contract to investor (assignment contract).