SUB2 Closings

[Gene Michigan]

The corse I purchased did'nt say anything about closing using an Attorny or Title Company, I assumed they would be closed at the sellers home. Is that a good idea? What about title insurance, is a title search good enough? advice would be welcomed...

[star1]

The corse I purchased did'nt say anything about closing using an Attorny or Title Company, I assumed they would be closed at the sellers home

Can yo please clarify this statement. I am a little lost. What do you mean my close at their home?

[Gene Michigan]

what I was trying to say was:  I was reading messages that said that they close their purchases either with an Attorny or a Title Company, My course never referenced this. I assumed the closings would take place at the sellers home with my contract and a Notary. (at the kitchen table)

[Roger J]

I never recommend anyone doing "kitchen table" closings, and especially someone not experienced with buying properties.  There is simply too much at stake to risk it by doing a homebrew closing.

Just close the deal like any other normal closing for your state, by that an attorney or title company.  Have them perform the title work and closing as normal, just list that you are taking over the house subject to the existing mortgage.  There is a place for that in a HUD-1 statement.

Biggest thing is that the closing agent is fully aware of what is going on and that they know how to properly close the transaction.

Roger

[$Cash$]

Raj, I mean Roger,

You mean no more closings on the hood of my car?

I only did it this way because the house was empty and nowhere to lay the paperwork down at so we could sign it.

Your reply should be taken seriously for those just starting out, Raj brings up a good point.

John $Cash$ Locke

[Roger J]

Well, John

When and if they do 100+ closings then they may be ready to close these things without a closing agent.  But if they truly are, they won't be here asking if they are, correct?

When they get up to 500+ closings, then maybe they might really be ready to do closings on their own

Everybody on these boards always wants to talk about lawsuits and how to be protected from them.  The attorney/closing agents go a long way to protecting you from lawsuits.  You hang out alot of risk by doing closings yourself.

Raj