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Finance > Real Estate > Getting Down to Fundamentals
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Article rating : 0.00, 0 votes. Author : Bryan Benson
In general this can be a tough market-but it doesn’t have to be! Remember, it IS what YOU make it! With that being said, let’s focus on a couple of fundamental principles. These fundamental principals are basically a recap of things you may have already seen (or heard) but this valuable information should never be looked at as repetitive or boring. This kind of information is useful in all areas of this business.
Tabletop closings
Most people say stay away from these, because of some of the confusion they cause. The biggest question being, should this standard procedure be in a closed office? For all of you movers and shakers, you should have this in a closed office-your attorney’s closed office-not yours. Many people will think a title company is just as good, but I really recommend an attorney. And also keep in mind; if you are buying a property and you have taken it over subject-to there really is not a reason for you to buy title insurance. And let me take it a step further. If you do not buy the title insurance, your title insurance company cannot close on it anyway so it is a moot point. If this is precisely what you have been doing, then logically, you would get an Authorization to Release Information and Purchase Sale agreement. The rest can be done at the office. You can remove yourself from the rest of the paperwork. That is what you are paying your attorney for, right?
Contract for Deed
Say you are dealing with people who may not have stellar credit. You know, you may be doing a lot of lease-options and Contract for Deeds, etc. You never know what people may be hiding, or what skeletons are in their closet. Think about it-you might not know if the person has incurred liens or IRS liens. Bottom line-don’t attach it if they don’t own it. Like I always say, they are just lease-optioning it from you. Now depending upon the state, a Contract for Deed may attach depending upon if they can claim they have equity in it. And judgments against the “owner” may attach themselves to the “agreement” or Contract for Deed. I wouldn’t think of this as a deterrent rather it’s something you need to be aware of during your course of purchases. Keep in mind; it really boils down to your state laws. You should always know your state laws prior to purchase.
…continued in Part 2
About the Author:
When it comes to real estate investing, I highly recommend information from Ron LeGrand . For vauable information regarding investing in homes visit RonLeGrand.com. You can also find useful investor resources in the free newsletter at MillionaireMakerNewsletter.com
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