Posted by laurielnc on 6/20/08 11:04am
Msg #252238

New closing for me....

I just did a cash closing. No notarizations, just picked up a check for a borrower buying a foreclosed property and he signed 6 pages of mostly title insurance info. No deed, note. They were even wondering where the rest of the paper work was. Any input on how these kind of closings are suppose to be? I guess I need to get educated in foreclosures.

Reply by Negrete on 6/20/08 11:08am
Msg #252242

Laurie, I have done a few of these my self. Normally that is all the paperwork you will have. Thewy are paying cash and the Title Co is only recording is a s a sale. There is no Mortgage or loans therefore not a lot of paperwork.

Anthony J Negrete
Negrete's Notary Service Inc.

Reply by Dennis_IN on 6/20/08 11:09am
Msg #252243

I love them...5 min. in and out. Easy closings...but don't let your guard down, double check all sigs. for accuracy.

Reply by laurielnc on 6/20/08 11:10am
Msg #252245

Seemed too quick and had me worried. Thanks!

Reply by MistarellaFL on 6/20/08 11:10am
Msg #252244

CASH closing=no loan=no loan docs

Remember, the only time you will sign a note is when there is a LOAN.
The seller signs the deed. This is not a BORROWER, but a BUYER.
Different closing.

Reply by laurielnc on 6/20/08 11:15am
Msg #252252

Re: CASH closing=no loan=no loan docs

That's what was strange, no deed to sign. Wife wasn't anywhere on paperwork (nc she has to be). They called mortgage company and told not to worry. So I'm not I guess. But that makes sense with there not being a loan, so no loan paperwork. Just not use to that.

Reply by Linda_H/FL on 6/20/08 11:19am
Msg #252254

Re: CASH closing=no loan=no loan docs

" They called mortgage company and told not to worry"

Thought you said a cash deal??

Reply by laurielnc on 6/20/08 11:21am
Msg #252255

Re: CASH closing=no loan=no loan docs

Not sure who they called. Bank? I got this signing through a signing company. Not alot of information, just that docs were going back to a title co.

Reply by PAW on 6/20/08 2:23pm
Msg #252289

Re: CASH closing=no loan=no loan docs

>>> That's what was strange, no deed to sign. Wife wasn't anywhere on paperwork (nc she has to be). <<<

Only the grantor is required to sign a deed to transfer property. In a cash deal, a lot of the paperwork that needs to be signed only needs the signature of any owner. The Deed (in spousal states) should reflect the spouse if necessary. Title company should insure that the necessary signatures are obtained.

Reply by PAW on 6/20/08 2:18pm
Msg #252287

Re: CASH closing=no loan=no loan docs

Many title attorneys are requiring the buyer(s) to either sign or at least initial, the deed. There are too many deeds that have incorrect grantee information. It gets recorded and then the new owners have a heck of a time getting it straightened out.

How many mortgages have you seen where the names have incorrect middle initials, or the title is in a nickname, not the real name?

Whenever I have a buyer's side purchase closing, I always ask the title company to be sure to include at least the first page of the deed for the buyer(s) to review. Saves a lot of headaches down the road.

Reply by MistarellaFL on 6/20/08 3:35pm
Msg #252300

What kind of properties are these, Paul?

FWIW, I have never had anyone ask to have buyer intial a deed or copy of deed, and I also work for many title atty's and companies. I am doing alot of purchases these days.
Not one time that I can recall.
I'm curious to learn if this is a certain type of loan or property you are referring to.

Reply by PAW on 6/20/08 5:33pm
Msg #252315

Re: What kind of properties are these, Paul?

Property types is not the issue. It's the title companies that are doing this. When I purchased our new home last fall, we had to initial the first page of deed signifying that our name and address were correct so vesting would be correct.

Reply by MichiganAl on 6/20/08 3:56pm
Msg #252303

Re: CASH closing=no loan=no loan docs

I've never had any company require a buyer to sign the deed, and the only time I've ever had to have it initialed is with a t.c. that requires every document that isn't signed to be initialed.

Reply by Teresa/FL on 6/20/08 4:00pm
Msg #252304

Re: CASH closing=no loan=no loan docs

I've closed many deals where the TC required the buyer to initial the deed to confirm that their name and address are correct. Most of these are new home purchases.

It is much easier to correct the deed prior to it being recorded rather than after it has been recorded with names spelled incorrectly.

Reply by JanetK_CA on 6/21/08 4:18am
Msg #252403

Re: CASH closing=no loan=no loan docs

I wish this was a requirement in all cases. Imagine the headaches that could be prevented if the buyers had a chance to make sure that they took title in a way that was covered by their ID!! Especially for non-native born individuals, who seem to be the majority of the people I see lately (and from all over the place!)

FWIW, I recall seeing some Grant Deeds a while back that required the grantee's signature as well as the grantor's. (Don't recall the circumstances, though.)

Reply by Gerry_VT on 6/21/08 10:04am
Msg #252426

Buyer signing/initialing deed

When one is buying a condo or existing house in a subdivision, one might trust the title company to come up with a legal description that is good enough. But if buying several acres, or an undeveloped lot, the legal description should be approved by the buyer and his land surveyor in advance, and at the closing, every single character in the deed should be carefully examined to make sure it is a perfect match for the agreed-upon legal description.

Reply by Teresa/FL on 6/20/08 11:12am
Msg #252247

If no title insurance is being issued

there may not be any title docs to be notarized.

There would certainly be no need for a lender's title insurance policy on a cash sale transaction.

Buyer's or owner's title insurance is optional in any purchase transaction, but is usually paid for by the seller. The procedures for the purchase of a foreclosed property may be different.

Reply by CF on 6/20/08 11:13am
Msg #252249

I have done many cash deals....and all are different. Some have no notarizations and some have almost a standard package of "junk docs", of course, no note or loan docs. Just depends and the TC and the Seller requirements. Gotta love those!!!!! I just did one that took 5 minutes and they handed me the check. It took me over 45 minutes to drive- so my fee was based on that.

Hopefully you keep getting more!!! FYI- most buyers will want a copy of the Grant Deed or Convayance (sp?) Deed.

Reply by laurielnc on 6/20/08 11:19am
Msg #252253

There was a grant deed that was already filled out and gave them a copy. That was it. Just got $50 but real close by. Plus I kind of wanted to see what this was about since I hadn't done one before. Like I said, no notarizations and six signatures. Took 5 mins. shorter if he hadn't called bank people.

Reply by MikeC/NY on 6/20/08 12:42pm
Msg #252277

"FYI- most buyers will want a copy of the Grant Deed or Convayance (sp?) Deed."

Sometimes they don't get that until after it records, which I guess makes sense since it won't do them much good until it's recorded.

P.S: It's "conveyance"....

Reply by Teresa/FL on 6/20/08 4:03pm
Msg #252305

If a copy of the signed deed is supplied to the buyer

at closing, it gives them the opportunity to make sure their is no misspelling of their name and the title vesting is how they prefer to hold title.

Much better to catch and problems and correct them prior to recording rather than after.

Reply by Lee/AR on 6/20/08 11:13am
Msg #252250

To prevent a problem, I ask for & usually get a copy of the Deed. Not necessary, but a knowledgeable buyer will want to see it. I know I would before parting with a lot of money!

Reply by ME/NJ on 6/20/08 12:18pm
Msg #252272

Better then a HELOC, 20-30 pages max

Should take 10-15 minutes if the numbers are right.

Reply by Sir_Lawrence on 6/20/08 4:04pm
Msg #252306

I also just did one of these, only I received a wire transfer copy instead of a check. 10 minutes, easy money. Only one problem: I could use many more cash transactions! Good Luck Laurie.