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I'm just curious....
After the closing, at what point does the seller of a property receive the proceeds? Same day, overmight, direct deposit??
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I think it depends on the state. I know in Maryland you leave with a check in hand after the signing or you can have it wired to your account.
I'm in Georgia. When we closed last June, we got a certified check at closing.
I think its pretty universal. In New Jersey you get a check drawn of the closing agents trust account in your hot little hand before leaving the room.
I cannot immagine not getting the money before leaving the room. A wire transfer is not usually done unless you have set it up with your bank ahead of time.
In az, you can request title do wire it, transer it, mail a check, give you a check... I suppose you could ask for it in pennies...
In Virginia you aren't given a check until after the deed is recorded at the courthouse, so there are no checks at settlement.
Fydell - Some states close in escrow...so there are no "rooms". Sellers and buyers never see each other.
and in the case of some closings that I have been at it would be a blessed relief not to have buyer and seller in the same room.
I just read what Daniel said about Virginia. Here in NJ we very often do a sell/buy on the same day - once you get the check for your sell you run over to the next closing table check in hand and close on your buy. Guess you can't do that there?
Same day is possible if lenders are quick, recordation is quick, and the settlement company is very good....it depends on the time of settlement on side one.
To add a little....it's wise to close your sell side in the morning on day 1 and the buy side on day 2. If you try a coinciding settlement on a Friday afternoon you might be pushing your luck.
use a title agency that has electronic recording, instead of sending runners...(every state does these things differently) also, use the same title agent for both buy/sell and you save the delay in between the offices...
See you learn something new every day.
The problem with same day closings often revolves around the bank lender for the buyer of your home getting the wire transfer to the settlement agent in good time. You spend a lot of time sweating that one out.
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