Lease Option Closing - Posted by Brian W(IL)

Posted by Jim IL on December 09, 2000 at 16:55:18:

Brent,
Actually, I have never contacted them directly myself to initiate a closing, my attorney has done this.
I just looked in the last file we closed with them, and the phone number listed was my attorney’s number.
I do recall talking to them, but cannot seem to find the number.
Just call a local RE attny and ask them if they work with Law Title, or check the phone book.

HTH,
Jim IL

Lease Option Closing - Posted by Brian W(IL)

Posted by Brian W(IL) on December 07, 2000 at 18:11:53:

I have several questions for anyone doing Lease Option deals.

  1. I need to know if anyone has every closed a Lease Option deal and if so then, what procedures/steps did you take to insure a proper/successful closing?

2)Where did the closing take place, a Title Company, Attorney’s office, etc.?

3)Did you do a double-closing with the seller and the tenant/buyer?

4)Did you run into any problems being that you weren’t the actual owner of the property? Thanks

Re: Lease Option Closing - Posted by Jim IL

Posted by Jim IL on December 07, 2000 at 18:34:50:

Brian,

"1) I need to know if anyone has every closed a Lease Option deal and if so then, what procedures/steps did you take to insure a proper/successful closing? "

A: I have closed several, thankfully, and will close more as time goes by.
To insure a proper and quick closing, I took the “Bull by the horns” as they say.
I got in touch with my attny and had him set up everything.
I then kept on the phone with all parties involved almost daily to make sure everyone had everything they needed.
I talked to the lender for the buyers, the attny, the title company, and of course, the sellers, and my T/B’ers.
Basically, i made sure that no one could say, "we have to change the close date because we don’t have…"
I made sure all paperwork was in order, and checked with my attny to make sure everything was done, and done right.

"2)Where did the closing take place, a Title Company, Attorney’s office, etc.? "

A: I have closed them both at the title company and an attorney’s office.
But, at the attny’s office, there was a title company rep there doing the actual closing.
This was done by using “Law Title” , which is a title company here in Illinois owned and operated by local attny’s.
They do good work, and I recommend them highly.

“3)Did you do a double-closing with the seller and the tenant/buyer?”

A: Yes, when it was a sandwich L/O deal, there was really no oher way. Since I did not “assign” my L/O deal to the T/B’ers.

“4)Did you run into any problems being that you weren’t the actual owner of the property?”

A: ONCE, a lender for my T/B’er was not happy there was not title seasoning, and since the loan offered was a good rate for the T/B’er, my attny re-wrote the agreements with the approval of ALL parties involved so that my T/B’er bought directly from my seller, and the seller paid me a “Fee” listed on the hud 1 statement.

Basically, if you have never done one, get ahold of a good RE attny, tell them what you desire, and see how they react.
If they say, “No problem, let me see the agreements, and I’ll set up a close”, then go for it.
If they give you a blank stare, RUN to another attny.

HTH,
Jim IL

Jim, Do you have info for Law Title? NTXT - Posted by Brent_IL

Posted by Brent_IL on December 09, 2000 at 12:54:18:

NT