Welcome to episode 9 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad are going to talk about closing a deal on a mobile home park. They will detail what sorts of documents and procedure are required in order to have your money go to the seller and have title come from the seller to you. At a high level, that’s what closing is all about, money goes one way and title goes the other.
Key Takeaways:
[2:14] The 1st step to take once you have an agreement to purchase property.
[3:21] If you don’t get title, what are you really buying?
[4:46] The next step to take after signing paper work.
[6:29] How can you establish yourself as a legitimate buyer?
[6:47] More importantly, you don’t wanna give the seller an excuse to cancel the deal.
[8:06] Part of opening escrow involves the title company opening their preliminary title process.
[8:30] What are you actually buying with title insurance?
[11:23] Jefferson discusses the actual process of signing documents.
[15:07] What is the settlement statement? Brad explains.
[18:44] The last step taken by the title company to close a deal.
[19:02] How does Jefferson like to celebrate when he closes a deal?
Mentions:
http://www.parkstreetpartners.com/
http://www.parkstreetpartners.net/real-estate-syndication/
http://www.parkstreetpartners.net/resources/
http://www.mobilehomeparkinvestors.net/