Basic questions about closing

[Gary Dezoysa]

Hi, I have a few basic questions about closing from the wholesaler's vantage point. Any answers will help me a lot, thanks!

1. How is a closing date settled? Where do the parties meet?

2. What papers are to be signed by each party? I understand a purchase agreement will be signed in advance. I know there is a HUD-1 that lists all fees in the closing. Beyond that I don't know what other papers there are.

3. How does the wholesaler actually get paid since he is not at the closing?

[Carlos Zapata]

@Gary Dezoysa   There are different types of closings,  you can do double closing, assign the contract,  when you send an offer, there should be a settlement date,  be sure you have a valid contract,  an assignment of contract if you are not going to do a double closing,    normally in a wholesale deal, we close cash,  

Some states, the settlement could be done by just a title company or may need an attorney, 

We get pay at closing, your finder fee needs to be on the HUD