Posted by dewCO on October 22, 2000 at 21:08:40:
You ALWAYS NEED title insurance!! Read the archives.
You always want to be in charge of setting up the closing with YOUR closer whenever possible. But, if you are taking it subject to, that means all the seller has to do is sign a deed over to you (their signature must be notarized!!!). There is no closing per se. Then you make sure it has clear title, by having your title company pull a preliminary report and decide if you really want to keep and record the deed. If the seller didn’t tell you about “other liens” or clouds on the title and you don’t want it, then void the deed and send it back to them.
What will it cost? Check with your title company. Don’t have one, get one. Ask others in the bix, or ask realtors who they like to use. but get one. Once you have a good one, keep 'em. They like repeat business like everyone else, and eventually when they know you and that you do deals, maybe you can get some perks or extra service for free, or at a discount.