How To Get A Reissue Fee On The Property's Title Insurance - Street Smart Cash Flow Accelerator #39
This is going to be focused on areas that affect your bottom line with a thing called a closing statement. Sometimes you go to a closing and all of a sudden you're surprised by some of the costs that are on there. Well, it's because you didn't manage those costs. My suggestion for you on this tip is to ask if you can get a reissue fee on the title insurance. This is when your closing agent writes for the same firm that issued the prior title insurance. In other words, that seller, when they purchased the property, likely also purchased a what's called an owner's title policy.
That owner's title policy has value. If you can update that, let's say that the seller bought the property five years ago, then the title company would only need to pick up where the other policy left off. You see a title insurance policy essentially is the day of purchase, but not going forward in terms of anything that might have happened to the title after you purchased the property. So when you purchase the property now, let's say it's five years after your seller bought the property, well, they can go back just five years and look to see if anything has been attached or any liens have attached to that property since the last time they checked the title. That can bring savings to you and to your bottom line.
To watch the next part of the video go to: Insist on Getting the HUD-1 at least 24 hours before the closing https://youtu.be/KZ1twFSkazw
Investors have long regarded Lou’s training, systems, and forms as the best in the industry. He has been quoted as an expert by many publications including The Wall Street Journal and Smart Money Magazine.
Lou draws from his wide and varied background as a real estate investor. Having bought property since 1977, he has invested in single-family homes, apartments, hotels and developed subdivisions, as well as building and renovating homes and apartments. These experiences have given him a proving ground for the most cutting-edge concepts in the real estate investment industry today.
