Posted by WilliamGA on February 08, 2000 at 16:41:28:
I would suggest to you to keep looking for a title company until you find one that knows what you are trying to do. Here in Georgia, title companies can’t do the closings, you must use an attorney to do them. I went through 3 different attorneys before I found one who even knew what a simultaneous closing was. The other 2 lookes at me as if I were crazy. These are the same ones by the way who all but told me that placing properties in a land trust to avoid DOS was illegal and might get them disbarred.
As for your question, no, you do not have to disclose to your buyer that you only have the property under contract. I don’t think I would lie about it if asked directly, but it isn’t required that you volunteer the information. Your title company will have your seller come in a little while before your buyer. You will complete your transaction with your seller, you will be on title for a moment, then you will complete your transaction with your buyer.
A simultaneous close is simple. As the attorney who I FINALLY found said," You just use your buyers funds to purchase the property, and you keep whats left over." Simple!