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| *The Commerce Journal>>>Renting & Real Estate |
Dry Closing...does seller sign over their deed? |
At a dry closing, does the seller sign over their ownership without receiving their check right away? When I get involved in a 'dry closing' (which I really loathe), as the real estate representative of the seller, I insist on holding that part of the paperwork until I can pick up the proceeds check for the sellers involved. i have seen it done both ways, the seller has the right to hold back on the deed till the funds are made available, if the seller is comfortable, they might sign over to you if they are sure the funds will be there. dry closings are rare what caused the delay in transferring the funds, not a usual situation. Title company or attorney not about to transfer title till they have funds to close the transaction. Signed deeds come back from out of state sellers all the time, held by closing agents until all is in order. Why are the funds not there. I would delay settlement until the funds are available. |
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