Posted by Dave T on February 15, 2002 at 14:44:20:
What is the difference between what you are trying to accomplish, and, buying one property and selling another property on the same day? Two separate closings in both cases.
What if the property you are buying on one day is the same property you want to sell on the next day? Two separate closings. Would the title companies have any problem with that?
What if you ask them to keep the file open from the first settlement, until you have completed the second settlement to keep the title insurance expenses down? What if you ask them to directly deed the property from your seller to your buyer so you don’t appear in the chain of title – avoiding title insurance? What if you asked them to conduct both settlements on the same day, to do the settlement to your buyer first, and to keep the file open until you have completed settlement with your seller? If they will do all this, you have orchestrated a double closing (i.e., a simultaneous closing).