Real Estate Power Team Member Many Investors Overlook
Q: Gerald, I’m building my real estate team of professionals. I already have a good real estate attorney, a general contractor and a good realtor. Who else do you think I need? Eddie, Sparta, NJ
A: Good question, Eddie. First of all, it’s a good idea to have more than one of the power team members you’ve already chosen so that you are not too dependent on any one person. Many investors, particularly in places like north jersey where attorneys do the lion share of closings often overlook one specific key player on any serious investor’s real estate power team—that’s a reliable title company. That’s a mistake, because good title companies (plural because it’s never a good idea to have one of anything) are an essential part of a real estate power team. Title companies among other things provide 3 vital functions for real estate buyers and investors:
- Title companies review title. This is essential to make sure you get clear and clean title when you buy real estate.
- Title companies can act as closing agents in real estate transactions. You don’t have to use an attorney although in your neck of the woods most people do.
- Title companies can act as escrow officers in real estate transactions. Escrow officers hold documents and money associated with real estate transactions
Title companies are as essential as any other member of your real estate power team.
Thanks for your question, Eddie–good luck. For more real estate information and tips visit my blog at geraldlucas.com.