Double Closing Title Companies In Illinois

[Tracy Stingley]

Hi Friends! I recently started investing in real estate with my wife. We have been building our buyer's list and scouting out properties to wholesale. I am wondering if anyone in the BP community can refer me to a title company that does double closings in Illinois. Everyone that I've called has either not have a clue of what I was talking about or said they do not do it. Thanks, Tracy

[David Dachtera]

@Tracy Stingley,

Double-close is illegal in IL. You have to do back-to-back closings...

No: A -> B -> C

Yes: A -> B, B -> C

That is, they need to be two stand-alone, arm's length transactions, funded individually.

What some folks do is use transactional funding to do the A -> B, then use the proceeds from B -> C to repay the transactional funder in the first transaction.