Full Explanation -- Title And Closing Process | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 25 February 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry is back to help you with some of the fundamentals of real estate -- the title and closing process.
Show notes -- in this episode we'll cover:
- Full breakdown of the title and closing process.
- Jerry give you his tips and tricks from his decades of experience.
- Why title companies are so important (and why you should always the title company).
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Tiri Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:17.5 | In order to successfully complete a real estate wholesale transaction, you will need a wholesaler-friendly title company. |
| 0:23.6 | The right title company will result in a smooth transaction. |
| 0:26.6 | The wrong title company can kill your deal. |
| 0:29.6 | I'm going to break down the five-step process to close a wholesale deal with title. |
| 0:33.6 | I'll answer the most common questions about when and how to use a title |
| 0:38.1 | company and even how to find a good title company in your market for your next deal. |
| 0:43.1 | But first, if you're new here, I'm Jerry Norton. |
| 0:45.2 | I make millions of dollars a year wholesaling and flipping houses. |
| 0:48.4 | Let's briefly discuss the role of a title company. |
| 0:51.4 | In order to close a real estate transaction, you need a closing company to handle the transfer of ownership |
| 0:57.0 | from the seller to the buyer. |
| 0:59.3 | Now, some states use title companies, |
| 1:01.2 | some states use attorneys, and some use escrow companies. |
| 1:04.8 | Google your state to see what is used, |
| 1:06.8 | but they all have the same function |
| 1:08.6 | to close a real estate transaction. For simplicity, I'm going to refer to the closing company as the title company, since that's the most common. |
| 1:16.6 | The title company's job is to do a title search to make sure that the chain of title is correct, |
| 1:21.6 | and to see if any liens are recorded against the property, such as a mortgage from a lender. |
| 1:26.6 | It's imperative that title make sure the property is free and clear since they will issue title insurance. Title |
| 1:32.3 | Insurance ensures the buyer in the event that a claim on title arises after the buyer |
... |
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