Title Insurance issue · The MHP Pros Mastermind

Title Insurance issue

I'd love to get the group's thought on this... our Wisconsin park deal is at a standstill. We just learned the county's system had a cyberattack and searching prior to 2021 is impossible. Apparently no one is insuring properties in this county until the system is rebuilt (maybe next year). No bank will loan without title insurance.

Here is what our lawyer is suggesting: "do a master lease option through the next two years where you operate and pay the seller for the master lease until title can be obtained and then have (and exercise) a purchase option in the master lease that can be recorded along with the memorandum of lease. Usually this would be around the amount of the underlying debt service if the Seller has a loan or a seller financing payment amount but could be as little as $0 as long as you pay the mortgage."

This does not have a mortgage as these are the original owners since 1993. This is the only way I see to get this deal done. (As of now, the sellers are refusing any type of seller financing...) Anyone have any thoughts on this?

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