EPISODE · Aug 10, 2023 · 58 MIN
Ep. 91 - Who is the title agent? Can the contract be assigned? And restrictions on Foreign Nationals buying Florida property.
from Real Estate Finder · host Matthew Maschler
You might be surprised to hear that there is no Title Agent in a contract. There is an Escrow Agent and there is Closing Agent. These can be the same person or company, or they can be two different people or companies. A title company can do either role, but so can other entities. The “Escrow Agent" holds the deposit. It can be a Real Estate Brokerage Firm. Lawyer or Law Firm, a Title Agency, or other person or business. The Buyer specifies the escrow agent in the offer, and the Seller can agree or negotiate for a different one. The “Closing Agent” does the paperwork to transfer the deed, disburse funds and do the title work. It can be a lawyer, Law Firm or a Title Agency. The contract is SILENT on who the Closing Agent is going to be, it merely says who CHOOSES the Closing Agent and who PAYS for the Owner’s policy (The Buyer will be the Owner of the house after the closing). We also tackle two other issues in the contract that I think needs to be explained. The assignability provision of the contract. Can the Buyer assign the contract to another Buyer. Most Buyer agents say No in the offer. I say Yes, as long as the Buyer is not relieved of liability. This seems fair to both parties. Why would a Seller object? Tune in and I will Mattsplain. Finally, we tackle the new law in Florida that prohibits Buyers from Syria, China, Cuba, Iran, Russia, Venezuela and North Korea. Can this be legal? 3 common isssues we talk about this week in the life of a Real Estate Finder. Have an idea for a podcast? Try www.podpopuli.com and their Posterity Podcasts program to create an 8-episode podcast series to tell your stories. Shop podcast T-shirts: https://www.prowrestlingtees.com/matthewmania Check out some of the best vendors and service providers in Florida: https://www.realestatefinder.com/preferredvendors Subscribe to our newsletter or see past issues at: https://www.realestatefinder.com/newsletter
What this episode covers
You might be surprised to hear that there is no Title Agent in a contract. There is an Escrow Agent and there is Closing Agent. These can be the same person or company, or they can be two different people or companies. A title company can do either role, but so can other entities. The “Escrow Agent" holds the deposit. It can be a Real Estate Brokerage Firm. Lawyer or Law Firm, a Title Agency, or other person or business. The Buyer specifies the escrow agent in the offer, and the Seller can agree or negotiate for a different one. The “Closing Agent” does the paperwork to transfer the deed, disburse funds and do the title work. It can be a lawyer, Law Firm or a Title Agency. The contract is SILENT on who the Closing Agent is going to be, it merely says who CHOOSES the Closing Agent and who PAYS for the Owner’s policy (The Buyer will be the Owner of the house after the closing). We also tackle two other issues in the contract that I think needs to be explained. The assignability provision of the contract. Can the Buyer assign the contract to another Buyer. Most Buyer agents say No in the offer. I say Yes, as long as the Buyer is not relieved of liability. This seems fair to both parties. Why would a Seller object? Tune in and I will Mattsplain. Finally, we tackle the new law in Florida that prohibits Buyers from Syria, China, Cuba, Iran, Russia, Venezuela and North Korea. Can this be legal? 3 common isssues we talk about this week in the life of a Real Estate Finder. Have an idea for a podcast? Try www.podpopuli.com and their Posterity Podcasts program to create an 8-episode podcast series to tell your stories. Shop podcast T-shirts: https://www.prowrestlingtees.com/matthewmania Check out some of the best vendors and service providers in Florida: https://www.realestatefinder.com/preferredvendors Subscribe to our newsletter or see past issues at: https://www.realestatefinder.com/newsletter
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Ep. 91 - Who is the title agent? Can the contract be assigned? And restrictions on Foreign Nationals buying Florida property.
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