This episode is for informational purposes only and does not constitute legal advice.
You have to be willing to respect the people who are involved in your transaction – the contractor, the title company. Be willing to respect those people’s time as much as you respect your own.– CC Moreno
Attorneys + Wholesalers | 18 Legal Tips for Better Closings w/ CC Moreno
How’s your relationship with your attorney? While many investors are looking for cheap advice as quickly as possible, it’s more important to take the time to build a genuine and mutually beneficial working relationship. Real estate attorney CC Moreno is here to teach you why you need to consider your attorney or title company a partner in your business as opposed to just another vendor. She will be sharing with you exactly what to ask, what you should watch out for, both now and in the years ahead.
Read the Full Show Notes Below…
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Here at Carrot, we spend a lot of time teaching people how to get leads and develop a great mindset. But one thing that comes up a lot, that we haven’t addressed as frequently, is the legal aspects of wholesaling and how it all works. CC Moreno, Esq. works in property law and is the brains behind Wholesale Hackers – the private Facebook group she runs with her husband Brent Moreno and where you can see CC’s full list of 18 tips.
4 Things That Prevent Fast Closings
CC runs into many things that can delay a closing – but that can also be easily avoided. Some of these things include:
- The contract is filled out incorrectly
- No earnest money is being offered
- There is no “out clause”
- There are liens or judgments on the property
While CC can search the title for you at any point, every investor should know how to do a search themselves. Most states have an online database where you can pop in the address to find everything associated with the property in question.
Wholesalers, Ask Your Attorney these Questions:
When choosing an attorney or title company to work with, there are a number of questions that you should ask. Many are used to one type of closing, done a certain way, and may not have the skills you need to close on time. When working with a new attorney or title company, be sure to ask…
- Do you work with investors frequently?
- What is your hourly rate?
- Do they understand double-closings and what are the laws in your state?
- Are you able to handle out-of-state closings?
- What’s in the settlement fee?
- Does it include document preparation?
- Does each closing come with title insurance?
- When do you run the title on the property?
- Do you offer wires and paper checks?
Maintaining a Great Relationship with Your Attorney
As an investor or agent, you’ll quickly learn the value of good relationships. Your contractor, title company, accountant, and attorney all play vital roles in the success of your business. Don’t take these people for granted or be disrespectful of their time and efforts.
- Don’t ask for stuff for free
- Stick to your appointments
- Respect people’s time as you would respect your own
- Pay whether or not you close on a deal
- Don’t change the contract without informing the person preparing the closing documents
Bad Apples & The Future of Real Estate: Hybrid
Real estate investors have often been associated with the underbelly of real estate. Sadly, a few bad apples have tarnished the industry in the eyes of many. As legislation changes for wholesalers throughout the country, one of the main things we expect to see is a licensure requirement. We’ve been talking about the hybrid model for years. Being licensed may have different requirements, but ultimately it will help build your credibility while allowing you to cash in on your retail leads.
Working with the right attorneys, title companies, and other professionals will ensure you experience fast and efficient closings, without any surprises. Be sure to visit the Wholesale Hackers Facebook group for further explanation on these great tips.