Title Escrow Company

[TLSDriver]

I am in the midst of a purchase.  The seller seems to have made out a bill of sale from himself to the broker.  I guess I am supposed to purchase is from the broker.   The seller still owes money to a bank and therefore has a lien still in place by his bank.

I will be financing a portion of the purchase price.  

I am a bit concerned that there may be one two many hands in the pot.  My bank says they will run a title search a day or two before hand and pay out the first bank and then the balance to the broker.

Does anyone know if this will provide adequate protection that title will pass without any hiccups?  

There seems to be some title\escrow companies that will close the entire deal in escrow and only after everything is clear pass title and release funds.  It isn't cheap but wonder if it would be prudent to do this.

Any thoughts or ideas would be appreciated.

 

Thanks

 

David

[Rustler]

By all means use an escrow account if there are any questions about the transaction whatsoever. You certainly want to be sure that his bank releases the lien as your money is transferred.

I have used the AOPA escrow services, and they were great. Everything went as it was supposed to, and all parties walked away satisfied. I can't remember how much it cost, but it wasn't much for the peace of mind it brought.

[74657]

We are using Aero-Space Reports for the title search and escrow service for a plane that we are buying for my business partner.  They have been first class to deal with so far.  We will close early next week on his Cherokee 6.

[thinwing]

David...use a title company such as universal....they will act upon both buyer and seller instructions...ie payoff bank lein than rest to registered owner....which is...the owner,not the broker...unless that bill of sale has been registered with faa..it doesnot exist....they only thing screwy with this deal is the bill of sale to broker which I assume you knew nothing about....this is simply brokers method of assuring he gets paid his commission...could be a hangup...kpc

[TLSDriver]

Quote: thinwing

David...use a title company such as universal....they will act upon both buyer and seller instructions...ie payoff bank lein than rest to registered owner....which is...the owner,not the broker...unless that bill of sale has been registered with faa..it doesnot exist....they only thing screwy with this deal is the bill of sale to broker which I assume you knew nothing about....this is simply brokers method of assuring he gets paid his commission...could be a hangup...kpc

[DaV8or]

I used AIC title service for escrow. They are recommended by the AOPA and couldn't have been happier with them. I think it cost just under $500, but everything went smooth, easy and correct. I also got an awesome record search for everything Oklahoma City had.