I am looking for a basic breakdown of documents/procedures/timelines for a Cash closing in Hudson County, NJ. I am familiar with the purchasing process using an agent and know that because of the Mortgage it is a pretty slow process, but I am curious to know how much faster a cash closing can get.
I have scanned through the statutes but cant find any real useful info.
What is the bare minimum of documents and people needed to close in cash?
Is Closing Agent and Title Company enough?
Is there a minimum time from opening Escrow to Closing?
Are financial statements necessary from buyer/seller?
Any information would be helpful, as I am currently just educating myself in the process...
In south jersey I did two cash transactions so far. A deposit is required when you submit your offer (if the property is listed) as well as proof of funds. I closed within two weeks on the first one because that's how long it took for the title search and survey to be done. The second one was done with just a lawyer (it was an estate and the lawyer had to handle multiple things for this woman). I don't have a good timeline to give you for this because I made it clear I would purchase the house months before she finished cleaning it out and sold it to me. Therefore I do not know how much notice she gave the lawyer.
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