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Updated almost 6 years ago,
Questions About Double Closing
Hi everyone,
Being new to the real estate investing scene as a wholesaler, I had a few questions regarding double closing. I know how it works, with two different purchase and sale agreements, one being between you and the seller and one being between you and the end buyer, but I'm just lost on a few of the specifics.
1. Assuming the title company i'm using is okay with "dry" double closings, or using the end buyers cash to fund the entire transaction, does the second contract between me and the end buyer need to close before the contract between me and the seller? I know it's technically simultaneous, but i'm confused on if this needs to happen or if I can just come to the closing table with the seller and all the documents will just go into escrow until the funds are available.
2. Does everyone in the transaction including the seller, myself, and the end buyer need to be at the title company at the same time? What if the seller and the buyer don't have the same availability and can't be at the title company at the same time? I wouldn't want to promise the buyer they would have his/her check in 24 hours if the end buyer couldn't come until the next day.
3. My final question is, once the title company determines the property is free and clear and closing can begin, do they get in contact with everyone and set a date for closing, or do they just contact me and let me know everything is good to go, and then it's up to me to get everyone to the closing table?
I know these might be obvious or unimportant questions, but I would really like to know these details from someone that has done it before so I don't seem uneducated when closing my first deal.
Thanks in advanced for any advice and feel free to PM me if you'd rather do that!