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Shar NJ

Clouding the Title on CA

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Hello All,

 

So far I have done 6 successful CA transactions, all with financially responsible sellers.

 

In reviewing my business, I am wondering if I should recommend to the buyers to cloud the title with a Memorandum of Option as in the circumstance that I come upon a seller of lesser integrity/financial responsibility, we won't have a problem with other liens on the property by the time closing comes around.

 

Any recommendations on this?

 

Thank you,

 

Sharyn

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Also, regarding protecting everyone involved in a CA, does anyone do a title search?

 

Thank you,

 

Sharyn

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Hi, Sharyn. Personally I don't offer that suggestion because I want to be as neutral in the deal as possible, and not give either party the opportunity to think or say I was representing someone in the deal other than myself. Perhaps I'm a bit paranoid. That said, if you want to you certainly can as a gesture of honesty, integrity, and customer service. Although, I think that if a homeowner made me feel early on that he/she was less than honest, I would think twice about doing business with them in the first place.

Regarding a title search, again, I try and keep my distance when doing a CA and so a title search is the responsibility of the t/b, in my opinion. If asked, I'd say it was a good idea, however, for both the Memorandum and a title search.

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