Yet another simultaneous closing question... - Posted by Russ Sims

Posted by Dan Fink on April 01, 1999 at 15:26:16:

In some cases maybe not.

My attorney does charge me but then passes a lot of costs through me to my buyer IE title policy, doc prep ect. In the end I pay a few bucks plus you have to pay the transfer taxes (no way around that uncle sam getting theirs).

so in short sit down with your attorney and discuss how you can pass cost on to your buyer.

Insist on using your attorney to close all the deals either buying or selling. They get good at doing your style of deal save you money and you get better service.

Just how i do it Dan Fink

Yet another simultaneous closing question… - Posted by Russ Sims

Posted by Russ Sims on April 01, 1999 at 02:17:58:

I know the basics of a simultaneous closing:It’s where I buy from the seller and sell to my buyer, all within a few short minutes at the title office. But what I can’t seem to find out is, won’t I have to pay my share of the closing costs twice? Once with the seller and once with the buyer? And what about things like excise tax (I realize a lot of states don’t have this)? When I sell, do I have to pay excise tax on the total selling price? Just need someone to clarify. Thanks!

Re: Yet another simultaneous closing question… - Posted by Joe Kaiser

Posted by Joe Kaiser on April 01, 1999 at 02:47:52:

Yes, double closings costs . . . well, double. That’s why it’s usually worth your time and trouble to figure out a better way.