Thursday, August 26, 2004

My signing is done!

Signed the paperwork at 8 AM this morning. The escrow company did finally get hold of the buyers and they are scheduled to sign tomorrow at 2 PM. After that, the money will be wired into my account. Again, I'm going to wait until I have actually received the money before posting any numbers. I guess I just won't believe it until I have the cash!

But I did save $307.50 by getting investor rates from the escrow company. The price reductions were:

  • Settlement fee to the title company went from $215 to $150.50.
  • Owner's coverage of title insurance went from $810 to $567.

One thing I just can't figure out is title insurance for the seller. When I bought the place, I obtained title insurance. The title obviously transferred to me without any problems. There have been no liens, judgments, etc. since I have owned the place. Therefore, I know the title is clear. Why should I be forced to buy title insurance when selling then? I completely understand why the buyer needs it, but I can't see how a situation would arise where the seller needs it if he purchased it when he bought the place (and, of course, there has been no title-related activity since).

After signing, I stopped by the property and left the keys, mailbox keys, and garage door opener inside the house for the new tenant. I got out by running under the garage door as it closed. I must admit, it was a bit sad leaving the house for the last time. It's been pretty good to me. Guess it's time to get another one!

1 comment:

Anonymous said...


Now, go get another one and keep us posted.


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