Closings in NY State - Posted by Bobbie Congress

Real Estate Investing Real Estate Law
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Posted by JoeS on April 07, 2002 at 22:15:38:

I am NOT an attorney but have had several dozens of “simultaneous” closings in NY state. Most of them were done this way.

  1. My corp. put a property under contract with the closing date pushed out 60-90 days.
  2. I already had several “ready” buyers for the home.
  3. I created a note.
  4. At closing I bought the property, sold the property and slod the note all within a 1 hour period. All the closing papers were handled by the Title Co.'s escrow account.
  5. My corp. held Title for 1 minute and I walked away with a fat profit check for an investment of less than $1000! I love this business!!! Hope this helps.
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Closings in NY State - Posted by Bobbie Congress

Posted by Bobbie Congress on April 07, 2002 at 16:47:24:

It is my understanding that NY is a “Table Top” closing state. What are your suggestions for structuring a “Simultaneous” closing?

This is a classic Junker flip to a wholesaler or rehabber.

Thanks in advance.

Bobbie

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Re: Closings in NY State - Posted by JoeS

Posted by JoeS on April 07, 2002 at 22:16:47:

Sorry…I did not “slod” the note, I SOLD it. This time change has screwed me up!!