Sign The Deed And Close The Contract?
By Bryan Benson
Say you have a great deal and you are just waiting to close it out. In fact, tomorrow your plan is to get the deed (if they are willing to give it to you). Then, if they are willing to give you the deed you will need to get it signed. After getting it signed, you should have them review the paperwork (just to keep your ducks in a row). So many steps to follow…but are you really ready?
Now keep in mind, if they will sign the whole package, let them sign it but you need to bring them back in to an attorney. Right away. And make sure it is not your title company.
Remember, your title company cannot close the deal for you unless they write title insurance and you don't really need to write title insurance on that deal. You just need to get a title search done. It shouldn’t be too expensive. So your attorney will cost you about $300.00, it might cost you more than that for title insurance. You can use your own judgment on it.
I also want to point out that the biggest thing I learned doing this is you can't sign anything. Your custodian, who is equity trust, has to sign everything. Now if you are getting the deed in a land trust first, then your IRA is going to option the property from the land trust.
And realize you can do this long after the closing.
Now if you have been using a title company to do it, you may be asking yourself, why shouldn't I use a title company to do my closing? Maybe the agreement you have with them is that you pay them $50.00 to just
sit them down in the title company and in that environment their closer goes through all the paperwork that you already went through.
If they do not have a problem with that then you shouldn’t either. Now as far as this being legal, you may want to check with you state and local laws for any violation. And keep in mind; if you are the one breaking the laws, then you need to be worried! If the title company is breaking the law, it's not your problem!
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When it comes to real estate investing, I highly recommend information from Ron LeGrand. For valuable information regarding investing in homes visit RonLeGrand.com. You can also find useful investor resources in the free newsletter at MillionaireMakerNewsletter.com