November 13, 2020By Alex Romanov
If I decide to sell my house to an investor, money, of course, is the necessary component of the transaction. There’s a lot of money at stake, so the process of transferring funds from one party to another must be completed thoroughly and accurately.
In order to accomplish this, the title company will create a settlement statement (aka HUD-1) with a list of ALL charges and credits pertaining to the transaction. The title company serves as a neutral party who obtains the funds from the buyer, secures the funds, then releases the owed amounts to the seller and any other lien holder (such as a mortgage company) at closing time.
As a seller, you have two options in which to receive your funds:
1. Provide your bank information to the title company and they will wire the funds directly from their account into yours. This is often the quickest way to receive your funds
2. Request a certified fund check made payable to you from the title company. Depending on which bank is used, there can be a hold time on the check, which could delay when you are able to use those funds
Another thing to be aware of is the time of day the closing occurs.
If the closing time is late in the afternoon, funding could be delayed until the following day as all documents must be signed and completed before the funds are released. And if it’s signed on a Friday afternoon, funds are typically not available until Monday morning, as title & escrow companies do not typically operate over the weekend.
We always strive to accommodate everyone’s schedule so that this can be avoided, but from time to time it will happen. Unfortunately, no funds are dispersed until closing time. This is a protective measure as our company must obtain and prove clear title before closing. The general time frame from the time the contract is signed until closing is about 30 days.
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