I’m purchasing a park through an assignor. Closing with his attorney.
Not sure who should be responsible for what in regards to getting things for DD. Such as…
Who does the title search?
Who gets title insurance?
Who confirms/gathers other documentation? (Permits, certificates of occupancy, licenses, etc)
I know the DD manual has instructions on how to do this but I don’t know who should be doing it in this scenario.
Even if the assignor is gathering information for DD such as rent rolls, etc., you are buying the park. Never trust anyone else on title etc. You should order title and have your people do the search.
Depending on if the seller knows the contract is being assigned, the assignor may be the intermediary for getting the information. But you should still check what they are getting, double check it, and if they are missing anything you need to do your DD, you should ask for it. Again, you are the end buyer, you need to call the shots. After you close, the assignor gets paid and doesn’t ‘care’ - same with the seller. Don’t let anyone else drive your boat.