Hi! It’s Lou Brown. With another one of my amazing 101 ways for real estate investors like you to win, close more deals and accelerate your cash flow. Today’s tip is number 39. In this series I’m going to be talking about when you’re closing to purchase a property. So this is going to be focused on areas that affect your bottom line with a thing called a closing statement, right? So 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. So my suggestion for you on this tip is 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. So in other words, that seller, when they purchased the property, likely also purchased a what’s called an owner’s title policy.
Well, that owner’s title policy has value. And 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 title after you purchased the property. So when you purchased 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. Well, that can bring a savings to you and to your bottom line. I hope that this has been valuable to you. I know it’s helped me and I’ve made a lot of money because of that, so I know it can make a difference in your profits and I’d love to share more of my profitable free tips with you. How can you get more? Well, simply wherever you’re seeing this, depending on where you’re seeing it. Just like it. Love it. Comment on it. Share it. And send it to your friends as well. I hope to see you soon. Yeah, baby!
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