If you have plans of selling your property, you most likely envision a circumstance identical to this: locate a buyer, go through the proper paperwork, property examination, and escrow procedure, after which close and move on with your life. A number of closings are not so easy though, and will entail even more than one buyer too. These are called double closings.
Double closings basically mean a process that entails the simultaneous purchase and sale of real estate, which involves three parties rather than the usual two. This typically includes the original property owner (the seller), an investor, as well as the ultimate buyer. The investor is regarded as the intermediary in the deal.
You will find several reasons a person might wind up undergoing a double closing, and they all typically wind up making money for the investor as well as you as the vendor in the event you play your cards right. The common reason includes the middleman investor who has to acquire money from the ultimate buyer so the investor himself can have cash to acquire the home from the original seller. If the investor has offered to sell the house to the ultimate buyer at a price that is higher than what was guaranteed to you being the original seller, the investor will get a profit. You do too, provided that you sell the home for much more than what you'll still owe on the loan. Yet another popular reason to undergo a double closing would be to cover up the identity of the ultimate buyer in the transaction for issues of privacy.
By law, most sales contracts favor assignability, meaning if you are a seller who does not want to contend with a double closing or an investor getting an income off your property, there is no real condition you will be able to have included in your home sale contract to avoid it. You'll be able to, nonetheless, select not to sell to investors, in the event you have an indication of their identity. Generally, a double closing does not harm you as a seller at all and it is very straightforward in today's real estate market.
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