"Subject To" and Closings - Posted by Richard

Posted by Irving on July 26, 2001 at 11:42:07:

Comes with docs, etc.

“Subject To” and Closings - Posted by Richard

Posted by Richard on July 25, 2001 at 20:58:23:

When I purchase a property “subject to”, is there anything different about the closing? Is there a closing at all?

Thanks in advance.

Richard

Re: “Subject To” and Closings - Posted by Bob at Get the Deed

Posted by Bob at Get the Deed on July 26, 2001 at 09:09:46:

Heres my typical closing…I’m conducting one on Friday PM. Prior to the closing I ran a title search to make sure that the title is clean (no liens besides the first and the seller really owns the property that I’m buying) and that I have the exact legal description.
I bring a notary with me. We sign a Warranty Deed to Trust, Sales and Purchase Agreement (listing all the neat stuff, like possession date, seller payments, etc), Limited Power of Attorney, Notices to the Lender & Insurance Company, and about 4 other CYA docs. The notary is involved with the Deed, Trust Stuff and the Limited Power of Attorney. The whole process takes about 30 minutes at the seller’s house with the sellers, me and the notary. After this I record the Deed at the County Courthouse. Hope this helps

Re: “Subject To” and Closings - Posted by Jim Kennedy - Houston, TX

Posted by Jim Kennedy - Houston, TX on July 26, 2001 at 12:00:08:

Bob,

Just curious. What are the 4 other CYA docs?

Thanks in advance.

Best of Success!!

Jim Kennedy,
Houston, TX

Re: “Subject To” and Closings - Posted by Richard

Posted by Richard on July 26, 2001 at 09:44:51:

Thanks for the info…it is exactly what I was looking for.
I suppose you can foresee what my next question is…where do you recommend I obtain those documents that you listed?

Thanks, again.

Re: “Subject To” and Closings - Posted by BR

Posted by BR on July 26, 2001 at 15:02:24:

Jim,

I’m not the Meister… but I include all of the following in addition to what was named above:

Trust Agreement, Assignment of Beneficial Interest, Disclosure, Letter to Insurance Co, Release of Info & Letter of Recommendation from seller are all in my Deed Package.
I also ask for copies of survey docs and title policy if available.