Insist that the down payment funds be paid to the owner through the title company
Tampa, FL (PRWEB) May 29, 2014
Buyers and sellers of real estate should not underestimate the importance of title insurance, says DICARO & ASSOCIATES, LLC, founder Nic di Caro. Buyers and sellers of homes where the owner is willing to carry the financing, or owner finance the sale, should follow these tips:
1) Always use a title insurance company to administer and close the transaction. This will protect both the buyers and sellers to assure the correct transfer documents are signed and recorded at the county where the property is located.
2) Insist that the down payment funds be paid to the owner through the title company so that proof of funds are correctly transferred and documented.
3) Sellers should insist on purchasing a “lender’s title insurance” policy at the same time the buyer’s purchase their policy protecting their title interests in the property.
Many title companies do not understand the importance of a lender’s title insurance policy. This is a separate insurance policy that protects the lender against a title dispute should a situation arise. The bottom line is that an investment company who buys and sells notes will not purchase that owner financed mortgage note or trust deed without a lender’s title insurance policy. And the benefit to the seller of the property is that the lender’s title insurance will cost much less compared to buying it at a later date after the property is sold.
Nicholas di Caro is the Senior Investment Partner for DICARO & ASSOCIATES, LLC. Operating in all 50 states from their Chicago, Illinois location, they invest in performing and non-performing real estate notes from $5,000 to $5,000,000. They are actively buying privately held mortgage notes, deeds of trust, and land contracts secured by single family residences, mobile homes with land, and commercial properties. Most recently they have expanded their purchasing ability for billboard ground leases and cell phone tower leases. They have the ability to buy notes that other companies have denied, in addition to providing creative purchase options that are new to the industry. Learn more at http://www.nicholasdicaro.com