AJET Properties

1.) What does a title company do?

     

          a.) Title companies serve as the trusted 3rd party who orchestrates the 

               buying/selling of real estate.

 

          b.) Additionally, they insure the title of the property against liens/encumbrances                 of any kind

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          c.) We send them the money to buy and you sign the docs to sell and the title 

               company does not disburse the funds to the seller or transfer ownership to the

               buyer until both parties have fulfilled their contractual obligation

 

          d.) This allows safe, hassle-free transactions between strangers

 

2.) How quickly can we close?

         

          a.) This is entirely dependent on the title company and the due diligence needing 

               done on our end.

 

          b.) Title companies have to do their due diligence on the title in order to obtain                    the “title commitment” which is necessary for them to insure the title and                      close the transaction. This typically takes them 3-10 business days

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         c.) Secondly, they have to coordinate the notary and prepare all of the 

              paperwork/numbers which is dependent on their schedule

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         d.) On our end, we have to verify that the land is buildable by double 

              checking:

           

                         • Utilities

                         • Zoning

                         • Topography

                         • ETC

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         e.) Once all of the above are completed, we can close the transaction

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3.) What will happen on the day of closing?

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          a.) 1-2 days prior to closing, the title company will send you a “settlement                           statement” which outlines the numbers on your side of the transaction. Here                 you will see the purchase price minus any costs associated with the sale such                   as unpaid taxes, liens that may be on the property, etc

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          b.) The title company will send a notary to you in order to sign all of the                               paperwork. One of the documents allows you to choose if you’d like the funds                 wired to you or sent via check

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          c.) On our end, we send the money to the title company and sign all of our 

               respective documents. We typically send the funds into the title company                       several days ahead of time if they’re able to prepare the documents in time.

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         d.) Once we’ve both signed, the title company will send you the money via a                        check or wire transfer, depending on what you chose