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Updated over 7 years ago,

User Stats

12
Posts
5
Votes
Richard Tyler
  • Los Angeles, CA
5
Votes |
12
Posts

doing a deal with a double closing

Richard Tyler
  • Los Angeles, CA
Posted

I (the buyer) have a contract signed for a real estate transaction.  It is expected to close on September 29.  I now have someone who wants to buy this property from me.  Because I don't want the seller to know I will be selling this property immediately and don't want him to know how much profit I will make off this deal, I plan to do a "double closing" instead of assigning it.  So, two escrows which will close back to back.  The person buying the property from me will be paying all-cash.  Questions:

1.  When is the latest that should I inform the Title/Escrow officer about my plan for this double closing, so that it won't cause any delay for this transaction?   A few days before September 29?  (I figure the latest possible date would be better for me.)

2.  Do I need to request the Title company not to disclose to the Seller about the second escrow, or is that understood by the Title/Escrow officer?

3.  Should this double closing be closed on the same day, or it doesn't matter if the second escrow closes the following day?

Thanks.