1-Once I assign my contract, should i collect a fee at that time?
2-Who arranges the closing? and do i have to be there?
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2- Once title comes back clean and all other issues have been worked out (i.e. CO obtained from municipality), the two attorneys will arrange the closing. You do not have to be there but I would be. Not only for the experience but also to make sure it's a smooth transition as your seller conveys their property. Your 'customer' (which is what both your sellers and end buyers are) will likely want you there at that last and final step.
Great advice. Would you happen to know how much the CO costs?
YES YES YES collect fee, but your buyer will probably require that it is held in escrow.
I always tell them MY lawyer will escrow.
Ok, so i will need an attorney. Will the buyer want to hold my fee in escrow until closing?
A title company can also hold the escrow, it all depends what your buyer is comfortable with. I have had buyers who will write a deposit check out to me, but they were unusually trusting.
My title agency will hold this type of escrow for me for free, because I get them business regularly. When I first started I would just give a lawyer 50 bucks top to hold the escrow. (But he did next to no work for it).
Hi Eric, can you please provide me the name of the title company you use for your deals?
Title Agency of NJ. 1300 VanHouten Ave, C