InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Title Company and Argument Over GP-1/Partnership Posted by Kristine-CA on May 14, 2009 at 8:28 PM In Reply to: Re: Title Company and Argument Over GP-1/Partnership posted by Mark H. on May 14, 2009 at 4:22 PM There is no need to "mail" your partner's anything. Escrow or you can email whatever needs to be printed and notarized and then returned. This is title in CA now. You'll hear all kinds of comments from the old timers here about relationships with title officers, etc. However, things have changed A LOT in the last year and the things that have changed have to do with interpretations of CA law that is coming down on the title company. You can rest assured that it will get tougher as the months go by to satisfy title underwriting. It is not reasonable for your partners to be shielded from necessary documentation required by title. : : (Reply at bottom) : : : I've taken the CD courses. I've read of the difficulty of dealing with title companies, and now I am at my wits end. : : : I am trying to sell my house. Old Republic Title in Northern California insisted I provide a copy of our partnership agreement (three investors). I did. : : : Then they wanted a GP-1, that was certified. I gave them a GP-1 that I would be willing to send into certification by registered mail BUT as the State seems to be 3 weeks behind I said that there is no way it would be returned before close of escrow next week. : : : Besides, I said, filing is 'permissive', not required and I gave them the website address to confirm it. : : : Now they said they would accept, as a replacement, a "Statement of Partnership". They provided a sample that included a space for a notary seal. : : : Frankly this is getting absurd. My partners are all over the State, and I don't have time to send out another document for them to sign with a notary. : : : Is this a problem with other Old Republic Titles? I already had an argument with them regarding our partnership agreement (I used Ward's form and when they saw the words "Joint Venture Partnership" they immediately got concerned and asked 'Well, is this really a partnership or a joint venture'. I told them it was both and explained it... : : : Any advice to these dim bulbs... : : Ask the Title Company if they will accept a partnership agreement which is signed in counterparts. : : If so, you can fax the completed agreement (except for signatures and notary seal) to each partner, and ask each partner to sign his copy before a Notary and get it back to you asap by mail. : : Dond : : Thanks Dond, but I should have been clearer. I have already provided them with a copy of the partnership agreement (using Ward's example). The agreement has all the same information as what they said they wanted, expcept that the signatures are not notarized. : I'm trying to avoid mailing more forms to the partners and telling them that this time they have to sign and get it notarized before Tuesday. One travels a great deal and I feel like I am on a merri-go-round. Follow Ups: I agree with Kristine. JK (the other JK) 9:18 PM, 05/14/09 (2) Re: I agree with Kristine. Mark H. 9:48 PM, 05/14/09 (1) GP-1 is necessary IMO Brian 8:37 AM, 05/18/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : There is no need to "mail" your partner's anything. Escrow or you can email whatever needs to be printed and notarized and then returned. This is title in CA now. You'll hear all kinds of comments from the old timers here about relationships with title officers, etc. However, things have changed A LOT in the last year and the things that have changed have to do with interpretations of CA law that is coming down on the title company. You can rest assured that it will get tougher as the months go by to satisfy title underwriting. : It is not reasonable for your partners to be shielded from necessary documentation required by title. : : : : : (Reply at bottom) : : : : I've taken the CD courses. I've read of the difficulty of dealing with title companies, and now I am at my wits end. : : : : I am trying to sell my house. Old Republic Title in Northern California insisted I provide a copy of our partnership agreement (three investors). I did. : : : : Then they wanted a GP-1, that was certified. I gave them a GP-1 that I would be willing to send into certification by registered mail BUT as the State seems to be 3 weeks behind I said that there is no way it would be returned before close of escrow next week. : : : : Besides, I said, filing is 'permissive', not required and I gave them the website address to confirm it. : : : : Now they said they would accept, as a replacement, a "Statement of Partnership". They provided a sample that included a space for a notary seal. : : : : Frankly this is getting absurd. My partners are all over the State, and I don't have time to send out another document for them to sign with a notary. : : : : Is this a problem with other Old Republic Titles? I already had an argument with them regarding our partnership agreement (I used Ward's form and when they saw the words "Joint Venture Partnership" they immediately got concerned and asked 'Well, is this really a partnership or a joint venture'. I told them it was both and explained it... : : : : Any advice to these dim bulbs... : : : Ask the Title Company if they will accept a partnership agreement which is signed in counterparts. : : : If so, you can fax the completed agreement (except for signatures and notary seal) to each partner, and ask each partner to sign his copy before a Notary and get it back to you asap by mail. : : : Dond : : : : Thanks Dond, but I should have been clearer. I have already provided them with a copy of the partnership agreement (using Ward's example). The agreement has all the same information as what they said they wanted, expcept that the signatures are not notarized. : : I'm trying to avoid mailing more forms to the partners and telling them that this time they have to sign and get it notarized before Tuesday. One travels a great deal and I feel like I am on a merri-go-round. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455