HELP!!! L/O Qestion about title (pretty long) - Posted by Lucas

Posted by B.L.Renfrow on January 19, 2000 at 20:10:20:


Yes, that is one of the quirks of New York state (not just in the city) that all closings are handled by either attorneys or attorney-owned title companies.

However, it’s not a big deal. When you read an article or post referring to a “title company” in the context of a RE closing, just substitute “attorney.”

What you want to do is find an attorney knowledgeable about real estate and explain exactly what you want to accomplish. If they understand, they should be happy to arrange a double closing, since they can bill double the fee!

Having said that, it can be a challenge to find an attorney who is willing to consider doing something a little different than their usual way. However, with all the attorneys in NYC, it shouldn’t be too hard.

Now, you should be thinking that in a L/O, it is to your advantage to have an attorney already lined up to handle everything. Don’t wait for the buyers to arrange it. In fact, you want to make it as easy as possible for them. What I do is offer to help arrange the financing, find the attorney, make sure they obtain fire insurance, so all they have to do is show up and sign.

Of course, some buyers will want to use their own attorney, but most couldn’t care less. The simpler things are, the better. No disrespect intended, but the more attorneys you throw into the pot, the more complications seem to arise.

As to your funding question, the funds are typically wired to the closing attorney by the lender (if one is involved) and are disbursed by the attorney.

Brian (NY)

HELP!!! L/O Qestion about title (pretty long) - Posted by Lucas

Posted by Lucas on January 19, 2000 at 11:08:05:

Hi im a Newbie and I’m trying to find out a few things about lease Options maybe someone here can help:

Here in New York City you need a lawyer to do a closing (AS FAR AS I KNOW!) so, When my tenant buyer decides he wants to buy the house he/she will find a lawyer and start the buying process. So how is it possible to do a double closing, all the books and courses ive read say to find a Title company that does them, but in NYC its the LAWYER of the buyer who will pick the title company (every lawyer has 1 they use). I don?t see how I can control the title company that will be used.

Also the books I’ve read say the title company will give my seller his/her money from the money my tenant buyer brought in! Then the SELLER will sign title over to me. Next ill have my closing with my tenant buyer where ill sign title over to him/her and ill get a check for the difference between my deal with the seller and the deal with my buyer, now I have only bought 1 house before (my own home) but the title company didn?t distribute anything there was a woman from the bank (where I got the loan from) and she distributed the funds right there and then. NOW IN A DOUBLE CLOSING, She wouldn?t have been there for my closing with the seller! She would ONLY be there for my closing with my buyer.

Can someone shed some light on this for my im baffled!!!

Thank you

Can someone help me out here???