Double Close - OC, CA

[Jake Goehring]

Do these still occur in CA?  I know they happened in recent years, but I haven't heard much about them lately.  Maybe it's me...who knows.

I'm not talking about that old "simultaneous close" where it was actually only one closing with 3 parties involved.  I'm talking about the legit double close where Party A closes its sale to Party B, then Party B closes its separate sale to Party C, with both closings happening on the same day or within 24 hours.

If this still occurs, can anyone recommend and escrow officer that can expertly handle a transaction like this?

All replies are very much appreciated.  Thanks!

[Shari Peterson]

Yes, "double" closings still happen in California. The laws of this state do not allow you to double close in the common way it is done throughout most of the country: the first A-B closing occurs at e.g. 9 am, the title agent records the conveyance with the county, then the second B-C closing occurs at e.g. 10 am, and that transfer of ownership is recorded immediately afterward. Both transfer of titles happen the same day.

In California, you cannot transfer title twice in the same day. The soonest you could do it is the next business day. It is important to have an escrow agent who is experienced at this type of transaction so that it all goes smoothly.

If you are in need of a referral to an escrow agent I can provide you with contact info.