Posted by Craig (IL) on July 21, 2002 at 07:30:55:
A simultaneous closing when a seller and a buyer come to closing at seperate events, the deed and money held in escrow for a short while (some hours, a day) while all this takes place. The invester is the middle man in the transactions. I suppose there are many vatriations to actual procedures. Have a lawyer work with you on your first couple of these as you learn the ropes.
Not all title companies will do them. Some title companies think there is something “shaddy” with simultaneous closings (a.k.a. double closings, escrow closings) and won’t do them. Likewise, some lenders have policies that my prevent them You may have to do some shopping to find lenders and title companies that will meet your needs. A good real estate lawyer will no where to find thet title conmpany you need.
Title research is done well prior to a closing. I can’t think of a reason why any buyer would mind when someone checks title. The buyer’s lender will require it anyway.