You are correct. To get actual title insurance may take you the better part of a month. Title companies around here (NJ), and I hear most everywhere, are pretty backlogged. If you’ve got a good attorney with some contacts at a title company this can surely help.
CS’s course might not be taking into consideration title insurance - I’m not sure. Perhaps he’s telling you to buy by informally checking title yourself and not actually getting a policy. I haven’t looked at that course in years.
Posted by Ken Korinko on June 21, 1999 at 12:00:01:
Hello Everyone,
You’re probably tired of hearing how GREAT this board is & how much we “new investors” appreciate it but I feel compelled to SAY IT AGAIN.!!
I haven’t completed my first deal yet but I believe (hope & pray actually)that this week will be “The Week”,anyway, one area of confusion that I have in C.S.'s statement about offering cash & closing in 5-7 days to a FSBO.
Wouldn’t a title search take more than that amount of time? I seem to remember hearing/reading somewhere it’ll take approx. 30 days!Is there a shortcut?
Ken Korinko
Oak Forest,IL
p.s My first post,sorry if I missed a prior answer to my question here…
It is different in different parts of the country. I can tell you about Florida. In some of the rural areas, there is only 1 or 2 title companies and if they get backlogged it may take up to 60 days for them to even pick up your file. On the other hand, in Orlando or Miami, if a title company takes more than 3 days to do a normal residential title search the competition will drive them out of business immediately. In Orlando, 3 days is a long time to get title work. I have done plenty of searches in a matter of hours.