The buyer agreed to purchase the property “as-is,” which indicated the property needed an update. The cash sale was scheduled to close in 10 days. The buyer, a real estate investor, offered a purchase price of $175,000 – far below fair market value – to perform needed repairs. The property was in Arizona, but the [...]
Well I can tell you for a fact that I have never experienced anything like this in my 30+ plus years in the title and escrow industry. Let’s start with some of the positive effects. Innovation! COVID-19 has forced a stagnant industry heavy with regulatory requirements to jump on the innovation highway in the fast [...]
Scenario: Title Company opens a sales transaction. The sales price was $379,900. The buyer was purchasing the property for cash, no financing. The purchase agreement required an earnest money deposit in the amount of $5,000 but the buyer remitted a check for the full sales price. The check was a company check and was drawn [...]
A Reconveyance is an instrument used to transfer title from a trustee to the "owner" of real estate. This is most commonly used upon payment in full of the mortgage. At the time of payoff, the lender is obligated to make certain that the title to your property is cleared of the lien. A Reconveyance [...]
Guest Author: DiAnna Jackman, Chicago Title Maricopa County Our “new normal” has its ups and its downs. Something to be aware of, as we slowly come to grips with all the changes in our industry due to COVID-19, is Forbearance. What is it and how might it affect your next deal? Forbearance is a temporary [...]
Jill Bright, Chicago Title (Maricopa County) A real estate investor we will call by the fictitious name of “Mac Aroni” contacted one of our operations as he was in need of their assistance with the purchase of several acres of vacant land in a remote desert area in Arizona. Aroni was working directly with the [...]