Simultaneous closing and closing costs - Posted by Lydia

Posted by Brent_IL on August 16, 2003 at 19:29:07:

Always get title insurance with every deal. Even if you don’t need it a lender or buyer down the road will require it. Since you may need it anyway, why not get it before you put out money so you are protected. They may never pay off, but they will pay for the lawyers to fix your claims.

Closing costs are always determined by the purchase contract. What’s in the contract sometimes depends on local convention. If you want the sellers and new buyer to pay for it all, write up your contracts that way. I write all purchase contracts so the seller pays for all of the expensive closing costs and 50% of mine. The downside is that I have to give him enough of a down payment to pay for it all.

The buyer’s contribution to closing costs will pay for legal and trustee fees. Whatever’s left goes in the pocket.

Simultaneous closings are less expensive than double closes, but it is harder to get everyone on the same wavelength. I pay for doubles because I have more control. Another advantage is that they don’t have to be done on the same day. A couple of days one way or the other is no big deal.

Simultaneous closing and closing costs - Posted by Lydia

Posted by Lydia on August 16, 2003 at 17:45:37:

I attended a seminar today ( sponsored by my local REIA )by Dwan Twyford and Sharon Resp…(don’t remember her name) and Dwan’s husband. It was on foreclosures and short sales. I found it to be very informative, but I didn’t have a chance to ask questions.

It is my understanding that if you do a simulataneous closing, the buyer pays closing costs, and the seller pays closing costs, but you don’t. Also, you should get title insurance even when you are doing a simultaneous closing. Is this correct?