Sub 2 Closing Agent - Posted by Jon

Posted by B.L.Renfrow on October 08, 2003 at 17:28:12:

Sure it could be done by yourself, but that’s not a bright idea, especially for your first deal.

Using an attorney or title company (whichever routinely handles RE closings in your area) adds immeasurable amounts of credibility to the process. After all, down the road when your seller has recovered from whatever problems prompted them to call you, and they start having amnesia and getting greedy thinking about the equity they gave up, and they start calling 1-800-LAWYERS…do you suppose it might head off problems even before they begin if you have a “real” closing just because it looks more professional? Answer: YES!

Next, while preparing contracts isn’t difficult once you’ve done it, preparing deeds is another matter. I’ve done my own deeds. I’ve screwed them up. Most experienced investors will tell similar stories, and most of us will pay someone to do these things so they are done properly, and there is recourse if they aren’t.

Call up some closing agents in your area and ask how much it would cost. If your deal can’t support the cost – which likely wouldn’t be more than a few hundred dollars – it’s probably not a deal you should be doing anyway.

Brian (NY)

Sub 2 Closing Agent - Posted by Jon

Posted by Jon on October 08, 2003 at 09:50:49:

I’m still looking for my first sub2 deal I’ve read a good course and tons of info on this site and others. But there is no experience like really doing it and i have none as of now. My questions is?

Closing a sub2 can be done by yourself at kitchen table with just a notory and seller present but sounds as if it not recomended for 1st deal.

If i was to get a title agent to close what do they do and what would it cost. The only part of the closing i’m unsure and don’t know what to do is the HUD-1 even though its not required.I can do everything else myself.

Thankyou for any feed back