Dual Closings - Posted by Earl

Posted by John J. on April 07, 2000 at 09:01:53:

It is not the title company, but the closing officer that you ned to find out about. You can get stuck with an individual at the best title company, but that person won’t have a clue. Call around and ask if they have done “simultaneous closings” before and how it works. If they can explain it to you satisfaction, then you might want to proceed. Ask about fees. Often the seller will need to pay for title insurance for the buyer. This should be paid by the people who sell to you. You do not need to be provided with insurance.

I usually end up paying some fees as the property pases through my name - otherwise I am a real estate agent. There are extra settlement statements and an extra deed to prepare and record. I usually agree to pay those extra fees.

When I buy a property I always put as buyer my name and the phrase “and/or Assign”. I can then sell (assign) this contract to the person who buys the property from me. I then do not need to worry about any closing. This does not always work well if the buyer is maxing out on a mortgage that is up to x% of the purchase price, as the purchase price is still the lower amount.

Dual Closings - Posted by Earl

Posted by Earl on April 04, 2000 at 20:07:30:

I have an accepted contract on a home in Howard County, Maryland, which I intend to sell. I have not gone to settlement for the property. I have a buyer for the home. Does anyone know of a title company or attorney who will handle a simultaneous settlement. I understand the person buying the home from me will pay the closing cost, and I will not have to do so. Is this correct?