Posted by Dave T on March 10, 2002 at 14:43:30:
It may be a difference in interpretation as to the meaning of a double close and a simultaneous closing. In some areas of the country, I suspect these terms are used interchangeably with no difference the conduct of the actual settlements.
In my area, a double close means that I close with the seller, before I close with my buyer. I have to fund the purchase of the property, and take title to the property. At some point in time (later the same day, or week, or month), the buyer brings his funds to the settlement table and takes title to the property.
In a simultaneous closing, I use my buyer’s money to fund the purchase from the original seller. My settlement with my buyer may actually happen first with all proceeds held in escrow until the settlement with my seller takes place. If your settlement attorney is really cooperative, the title will pass directly from your seller to your buyer. You stay out of the chain of title and save some settlement costs along the way.