Posted by Max-Va on June 15, 2006 at 21:56:55:
What are you asking the title company to do? You may be asking for the wrong thing.
Do you have a local REI club if so attend and get some recomendations. I have found some title companies will say no and others will have no problem. R/E attorneys will close these deals as well.
closing a sub2 - Posted by Sam
Posted by Sam on June 15, 2006 at 16:40:42:
Anybody know what’s the best way to close on a sub2? I’m having a hard time finding a title co. that will let me do a wrap.
Thanks!
Re: closing a sub2 - Posted by Adrian
Posted by Adrian on June 15, 2006 at 18:10:04:
I didnt know there was a closing for a sub2, I thought you just get
them to sign a contract and maybe record it (if that) and thats it.
Maybe I am wrong.
Re: closing a sub2 - Posted by Max-Va
Posted by Max-Va on June 15, 2006 at 21:43:33:
Yes there is a closing for a sub-2. The deed is prepared and signed and recorded. A hud -1 is made and signed. Title insurance is purchased. It is just like a normal closing except the original mortgage is left intact in seller’s name.
Read up on Sub-2 before you get into trouble.
Re: closing a sub2 - Posted by Sam
Posted by Sam on June 15, 2006 at 21:46:48:
Hi MAx,
So, do you know why I’m having such a hard time finding a Title Co. that will prepare this for me?
Re: closing a sub2 - Posted by Rob Ricker
Posted by Rob Ricker on June 15, 2006 at 23:45:01:
Your attorney should prepare the documents for you, not the title company. All you really need the title co. to do is notarize everything, put together a Hud statement for you, and insure title if they will (I don’t buy title insurance personally). I’ve done some subject to’s without a title co. by just getting the county clerk’s office to notarize (could get your attorney to as well). The one I closed at the title co., I actually conducted the closing and the title rep notarized everything after the sellers signed.