When and how do I get to close?

[Mike Schorah]

I put a property under contract. I submitted the Purchase and Sales Agreement to the title company with a $100 deposit.

I assigned the contract to another buyer. I submitted the Assignment of Contract to the title company and the new buyer submitted a $10,000 EMD.

What now?

The seller still needs to fill out a 5 minute information packet. It has been 2 weeks and he still has not done it yet.

The buyer needs to decide if he is getting a survey. I sent him a text at 12pm yesterday. He did not return it.

The contract states that we close “ON OR BEFORE” February 15. How is this determined? Do I determine the closing date?

Does the seller need to have the information packet filled out? Does the new buyer need to have the survey completed?

Is it the buyer that determines the closing date, the title company, or myself?

Who runs title insurance? The new buyer paid for it. So do I need to make those arrangements or does the new buyer?

I tried talking to the title company about this but they basically said the process is super simple and left me super confused. Should I make another trip to the title company today?

Edit: Sounds good, Bob. Do you have a solution?

[Tom Gimer]

Quote from @Mike Schorah:

I put a property under contract. I submitted the Purchase and Sales Agreement to the title company with a $100 deposit.

I assigned the contract to another buyer. I submitted the Assignment of Contract to the title company and the new buyer submitted a $10,000 EMD.

What now?

The seller still needs to fill out a 5 minute information packet. It has been 2 weeks and he still has not done it yet.

The buyer needs to decide if he is getting a survey. I sent him a text at 12pm yesterday. He did not return it.

The contract states that we close “ON OR BEFORE” February 15. How is this determined? Do I determine the closing date?

Does the seller need to have the information packet filled out? Does the new buyer need to have the survey completed?

Is it the buyer that determines the closing date, the title company, or myself?

Who runs title insurance? The new buyer paid for it. So do I need to make those arrangements or does the new buyer?

I tried talking to the title company about this but they basically said the process is super simple and left me super confused. Should I make another trip to the title company today?

Edit: Sounds good, Bob. Do you have a solution?

You are the assignor. Aside from making sure your assignment fee is accurate on the HUD and that the EMD is properly secured and forfeited to you in the event the end buyer defaults, try to stay out of the way. Make sure your contract with the seller extends beyond the time allotted for the assignee to settle and have a back up buyer ready.