Simultaneous Closing, Double Closing

[rehen]

Ok, I am brand new to this forum, and need relatively quick advice, so much appreciation for anyone who can help.

There is currently a condo-covnersion occuring, in which a tenant cannot buy the unit.  I would like to purchase at the tenant price, but am not a tenant.  The tenant is willing to work with me, but cannot qualify to buy the unit.  The developer will not permit assignments.

I have heard the terms "double closing" and "simultaneous closing", but do not know if they are different, and how each works.  If anyone can answer and/or direct me to reading, that woudl be great!!!

Thanks.

[beaver124]

Hello Rehen welcome to REI.

Im pretty sure that there is no difference, a simultaneous closing is when you do two closing on the same property at the same time....to do this, you would need to get a title or closing agent to be able to do one.

beaver124

[WilsonTaylor]

I believe that a double closing need not occur on the same day.  I bought a house and held it for about 3 weeks before I sold it and it was still considered a double closing.

Wilson

PS - Please don't take this as gospel, because someone else may have a different take on the subject.

[rehen]

but does anyone know how to do this??

[beaver124]

As I just said, you need to have a title agency or a closing agent ready to do one. Its as simple as that.

Beaver124

[rehen]

well, i might be missing something, but it doesn't seem that simple.. i am trying to avoid having to do two mortgages... I also can't have developer know that I am end buyer.... what are the mechanics of what the title agent would do?  how do i get the loan from the bank?

[beaver124]

The title agent would be the one who checks the title....by that i mean to see if the owner really owns it. Then they could close the property for you or you could get a closing agent.

Beaver124