Property Manager · Raleigh-Durham, NC · Member since 2015 · 43 posts · 18 votes
Hey BP,
I came across a home in Greensboro NC and have a buyer ready to move on it. I'm looking for a wholesaler friendly title company or real estate attorney. I'd rather not have the Seller see how much profit I'll be making on this deal.
@Chris Martin is correct that most attorneys are not going to do both closings simultaneously - it creates all sorts of potential conflicts of interest. And if both buyers are not bringing purchase monies to the closing, you run afoul of the NC Good Funds Settlement Act. The easiest route is to do a contract assignment to your buyer and have the buyer purchase directly from the seller and pay an assignment fee to you.
Morehead Title, Investors Title, Fidelity Title, First American Title are a few we have used. Your closing attorney should be able to set you up with one. If your attorney can find an old policy they can save some money sometimes. -Via @JohnJobe from a posting I created a few weeks ago.
NC is an attorney closing state - the buyer's attorney should drive the closing process. You need to be very careful about the structure of a "double closing" to ensure you comply with the NC Good Funds Settlement Act.
Thanks @David Miller. You think as long as I reach out to the closing company at the beginning of the process they will be able to put the deal together in compliance?
An attorney representing the seller or buyer will likely ask the questions about the deal structure and the buyer's attorney in particular should press the issue.
I am in Raleigh and do work all over the state but focus on commercial real estate transactions. The buyer might reach out to Patrick Lineberry at Coltrane & Overfiled in Greensboro.
@David Miller can comment, but a lot of attorneys will pass on back to back closings, even funded transactions, unless they know you. Somewhat dated information, since the last time I asked was 4 or 5 years ago, but I've heard that from two different attorneys that my company has used in Wake county. I don't know what percentage would entertain your deal. There isn't anything wrong, technically, with double closings but for most attorney firms, form a transaction volume standpoint, these deals are rare.
@Chris Martin is correct that most attorneys are not going to do both closings simultaneously - it creates all sorts of potential conflicts of interest. And if both buyers are not bringing purchase monies to the closing, you run afoul of the NC Good Funds Settlement Act. The easiest route is to do a contract assignment to your buyer and have the buyer purchase directly from the seller and pay an assignment fee to you.
I also looking for a title company or attorney that can do double closing in RTP and Charlotte area. Does anyone have a recommendation? Very much appreciate it!