Re: simultaneous closing - Posted by JoeS
Posted by JoeS on January 28, 2002 at 20:12:37:
Here is the drill on a simultaneous closing. You signed a contract to buy for 10K, and a contract to sell for 15K, leaving a profit of about 5K. Good job! The closing goes like this; The seller drops off the signed documents to either their attorney or the Title Co. Your buyer and you go into the Title Co. and sign all the paperwork to buy. He gives you a CERTIFIED check for 15K, the Title Co. deposits it into their escrow account. He walks away with the keys. The Title Co. cuts the seller a check for 10K, and you a check for the difference. All the papers go on record , with the deed from seller to you first, followed by the deed from you to the buyer. The buyer may see in the paper that you bought for 10, and sold for 15, but that will be weeks down the road. So what? He was happy, the seller was happy and you were happy! Everyone is happy!