Property Q&A in San Jose>Question Details

Josh Green, Home Buyer in San Jose, CA

Does anyone know a title company that is willing to accept assignments of contract?

Asked by Josh Green, San Jose, CA Sat May 19, 2012

I have a property under contract and would like to assign my rights to that contract to another person for a fee. Any title companies locally that will do this?

Perhaps just an investor friendly title company would be nice.

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Answers

8
Josh,

I believe you would be better you going to an real estate investor's forum as most real estate agents don't get involved in these type as transactions since there is no commission involved . I understand what you are trying to do here. I am also a real estate investor myself but I haven't done this myself for a while.

There is local real estate investor's meeting every 1st Thursday of every month. Go to this website http://sjrei.org and contact Geraldine Barry. I think she might know an escrow company or guide you to someone who knows.

Good luck and look me up at the next meeting if you happen to be there.

Sincerely,

Jose Adame
Foreclosures@JoseAdame.com
0 votes Thank Flag Link Sat May 19, 2012
Thank you Jose, I will look into the club meeting! :)
Flag Sun May 20, 2012
Hi Josh and thanks for your post.

Okay, I think the reason that you're not getting a satisfactory answer from the title company is because the title company is, basically, an insurance company and NOT a law office. In this case, you're essentially asking for someone to (in my layman's mind):

1. Write an agreement of assignation in which you assign your rights to another person and are compensated for the assignment
2. Then correct and rerecord a deed in which you have ownership rights so that it now shows that you don't have ownership rights.
3. Execute an addendum to the sales contract in which you are removed from the transaction.

It's not really that simple and the title company is certainly right in not providing you with this assistance. The title company provides escrow services and insurance, but not legal advice or assistance in real estate transactions.

To really do this correctly, you need to speak with a lawyer. He or she will draw up the necessary documents, and you can then take this to the title company for recordation.

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty
0 votes Thank Flag Link Sat May 19, 2012
Hi Grace!

Thank you for responding. I should have better explained it in the post, my fault. Basically I have a purchase and sales agreement with the seller that allows me to 'assign' my rights of that contract to another buyer. I have an 'assignment' contract with the buyer and another purchase and sales agreement, stating that I assign my rights from the contract of the seller to the new end buyer. I have all these contracts, that's taken care of, but it's the title company I haven't found that can handle this. People do it all the time, all over the country!

Thanks!
Flag Sun May 20, 2012
Thank you Josh for your reply:

If you have not been able to get satisfactory information from title companies, then I recommend that you talk with Mr. Ron Rossi: Mr. Rossi is an excellent Real Estate Attorney. Also Mr. Rossi was a Real Estate Broker before he became an Attorney. Mr. Rossi is the best source of information that you will find for a transaction of the type that you describe.

The telephone number for Mr. Rossi is: (408)261-4252

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
0 votes Thank Flag Link Sat May 19, 2012
Thank you very much!
Flag Sat May 19, 2012
Thank you all for responding!

I have spoken to a few title companies so far, and either they had no clue what I was trying to do, or just don't do that type of transaction. It seems simple enough to me.
0 votes Thank Flag Link Sat May 19, 2012
When I have the opportunity to choose a title company, I use Old Republic. They have several offices http://www.ortc.com
0 votes Thank Flag Link Sat May 19, 2012
Good Morning Josh:

Thank you for your question.

I recommend that you talk with several title companies and several very good, experienced title officers.

Many title companies are reluctant to handle that type of a transaction for very good reasons.

I recommend that you talk with several people who have a great deal of expertise and experience in this area. Experienced title officers are an excellent source of information for you. I recommend that you talk with them.

Thank you
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax:: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
0 votes Thank Flag Link Sat May 19, 2012
Andrea, in many cases there are no agents involved in type of transactions. I've seen it where it is investor to investor or investor to buyer.
0 votes Thank Flag Link Sat May 19, 2012
Hey Josh,

You'll have better chances by going with a small title company. Most big title companies have tighten their guidelines and they are more strict.

I have this helps.
0 votes Thank Flag Link Sat May 19, 2012
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