When preparing for a closing with your BUYER you will need to do the following steps with the Title Company.
TITLE WORK:
What is Title Work? There are three stages to Title work which is as follows:
1. Preliminary Title Search - The initial stage of researching the property history. You can ask the title company you have partnered with to pull the Title.
2. Title Commitment - When the Title Company insures the New Buyer that there are no liens or encumbrances against the subject property or Seller.
3. Title Policy Transfer - When the Title is transferred to the New Buyer which usually takes 2 to 4 weeks.
SUPPLYING THE PURCHASE AGREEMENT TO THE TITLE COMPANY:
It is important when you order Title Work you immediately submit a copy of the Purchase Agreement signed by YOUR BUYER to your Title Company.
The Purchase Agreement tells the Title Agent exactly what the terms and conditions of the transaction are and what the Title Company needs to do to prepare the closing documents.
The Title Company should also do a name search on the Seller and the Buyer of the property. If you are selling in a corporation or a limited liability company (LLC), they will need a copy of your corporation papers.
Some Title Companies will go on the internet and pull that information off the public records for you.
Would you like to learn more about Short Sales and Closing the Deal?
Join me in Chicago, IL November 20-22, 2009 for the Short Sales Training Event of your life!
To Your Success,
Hunter
407-772-2274
