Remote contract signing and how to pay a seller remotely

6 Replies

Hey all! I'm starting my first direct mail campaign in a remote market.  I've got property management and rehab lined up, and now I'm looking for a way to remotely sign contracts.  I have an agent who is willing to (once the negotiations are done) go to the seller's home and have them sign the contract, but how do I get them the money at that point?

I also know about RightSignature, but same issue;  how do you remotely pay the seller?  Won't they want the check in their hand at contract signing?  

Should I just have my CPA issue a check and mail it to that agent who is attending the closing?  

Thanks for any clues about how people do this part of the deal.  :)

Find a good title company. They will handle all this for you. Do not just cut checks to people. Go through title company

@Caleb Heimsoth , thanks!  I didn't think that I'd be handing a check over, but now what you say makes sense.  They sign the contract with the title company listed, and then once you close, they pick up a check or get a wire from the title company.  

So, at what point do you wire money into escrow with the title company?  Right before closing?  I'm assuming after all inspections, etc have been done... Thanks for helping me figure out the last little things...

@Joe Bourguignon yes that’s usually all done beforehand.  Then they will tell you how much money you need to wire and then you do that either same day or day after closing (when you sign all the paperwork) 

@Caleb Heimsoth , thanks for the quick reply!

So, the title company generates all the closing paperwork, yes?  My one page purchase agreement with the seller is the only contract I have to provide, right?  Thanks again!  I've never bought a property without an agent, so I've got bunches of questions about the process...  ;)

Originally posted by @Caleb Heimsoth :

@Joe Bourguignon yes the title company generates some of it and your lender generates the rest.  Then a mobile notary comes to you and you sign 

 Perfect!  Just trying to iron out stuff before I do my first out of state purchase.  Thanks!  Have you done this with Seller Financing?  I'm assuming in that case, my lawyer would be generating the "lender" paperwork for everybody to sign...