Forums **Ask A Question** Not a rule follower

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  • #26588
    Greg Miller
    Post count: 16

    I’m so sorry for not being a good rule follower without understanding the reasons behind things. Of course I’ve heard if the owners are deceased move on. If doing a self-close agree to move on. But if going through title, I would imagine that the title company could take care of these sorts of issues? And if the purchase agreement was worded so that the seller would cover any fees associated with providing clear and transferable title that would protect me from large attorney fees? I don’t pay until the title closes, so I’m not tying up my capital. What am I missing? Under what circumstances does this not work and this is a bad idea?

    thank you so much for your experience!

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  • Kevin Farrell
    Post count: 1776

    Greg – you are correct. However, in practical terms, the seller usually doesn’t have the cash up front for legal fees, or can’t stand to have it taken out of the purchase price. Yes, you can protect yourself from being hit with legal fees during closing, but you may not be able to complete the transaction if the seller bails out. I only do these deals when there is a lot of profit potential and I want the deal to close even if it costs me a few thousand dollars.

    All of this legal stuff takes time. Sometimes it takes a few months depending on what the problem is. Keep that in mind too.

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