2012-06-11 Q&A Call
Hey Ron How are you. Ron When wholesaling a junker, to an investor who’s going to fix it and flip it, who does the title search .
Hi Hector, questions for Ron should be submitted in the Ask Ron section of your Forum. I’m sorry that I just saw your comment here. I’ll have Ron address your questions, and look for them to be answered in the July 20 edition of Ask Ron! Thanks!
Hi Hector, Ron answered your question at https://www.ronsgoldclub.com/resources/ask-ron-2012-07-27. Thanks for asking!
I can answer your Q. although go to Ask Ron to get the straight dope.
Title search is done by the title company that you choose to use. They’ll issue the title policy at closing.
When you “open” title they’ll do a prelim. title search and issue the “title committment”. You open title by dropping off the contract and asking them to “open” title.
They are an insurance company looking to collect a premium and avoid risks and avoid paying claims. They usually also perform closing/escrow services to facilitate the issuance of their title policy.
Your buyer, the rehabber, will probably not worry about a title search and he/she is relying on the title co. and their policy if there’s any claims. They will get an “owner’s policy of title insurance”.
Their lender will want title insurance.
Even if they pay with their own cash, they’ll probably want it as well. But if they don’t, they will go down the courthouse deed records and do a search themselves, most likely. I know I would. Hope this helps. Good luck.
Ron It’s me agian , are assignments legal in Fl.
You’ve gotta click on “Ask Ron” to ask him questions directly. He then answers them every week.
These calls are always great to look forward too. We are tuning into the one tonight, should be good as always. We always take notes too.
As always its great to listen to the guru teach!
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