Southwest Florida Title Insurance & Real Estate Blog -

Simultaneous closingCustomer Don P. wrote to us recently about a predicament he was in.  Don was in the not uncommon position of having scheduled the closings for the sale of his current home and the purchase of his new home on the same day.  Sounds scary, right?  Don needed the funds from his sale to use toward his purchase; and since the closings were scheduled on the same day, he was rightfully concerned about how to get his cash from us to the company handling the purchase.  Here’s what we did for Don and some advice for those of you who may be faced with the same issue.

In Don’s case, we did the following to ensure that his funds could make it to the other title company:

  • Yelped!  We always yelp a little when we receive contracts that refer to another contract that’s closing on the same day.  Can you blame us?
  • Prayed for a cash buyer for Don’s property.  Having a cash buyer significantly reduces the stress related to waiting for loan documents, the lender’s wire and their funding authorization.
  • Scheduled Don’s closing as early as possible.
  • Secured wiring instructions for the other title company.
  • Got Don’s signed authorization for us to send a portion of his proceeds to the other title company.
  • Requested and received a final HUD-1 settlement statement from the other title company so that we could send the exact amount required for Don’s purchase.
  • Called the other title company to confirm that we had sent Don’s funds to them via wire transfer.

Don’s deals luckily went like clockwork.  Unfortunately, they don’t always work out like that.  Here are a few pointers if you are stuck having to close a sale and a purchase on the same day:

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Certificate of Title

This is the ninth of FSBO: 10 Tips for Selling Your Real Estate which can be downloaded as a free guide.

Once you’ve accepted an offer to sell your home and have finalized the contract, it’s closing time! But first, you should make a list of all the things that you and your buyer must do before closing.

For example, the property may need to be formally appraised, surveyed, inspected or repaired. Depending on the written contract, you may pay for all, some, or none of these items.

Your title company or real estate attorney can help you review this list and ensure you understand what you will be responsible for.

If each procedure returns acceptable results as defined by your contract, then the sale may continue. If it is discovered that there are problems with the home, then your next step will depend on the terms set forth in your contract.

At this point, you or the buyer may decide to walk away, open a new round of negotiations, or proceed to closing.

Once an offer is accepted, any earnest money from the buyer should be deposited with the title company. In some states, so-called “escrow companies” hold these funds. However, in Florida a title company or the attorney handling the real estate settlement and title insurance could hold the earnest money.

When you submit a fully executed agreement to the title company, the title work will begin.  The title process starts with a title search – a search of the public record that discloses documents of record that could affect the title to the property. Examples of such documents include:

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The next step after someone offers to purchase your house

This is the sixth of 10 Tips for Selling Your Real Estate, a FREE guide to help you list your house “For Sale By Owner.” Available now at


You must be very excited (provided it’s a reasonable offer, of course).

When you receive a written offer for the sale of your house from a potential buyer, you will first need to find out whether or not the individual is pre-qualified or pre-approved to buy your home.

If so, then you will need to review the proposed contract with a title company or real estate attorney.

Make sure you understand what is required of both parties to execute the transaction.

The contract, though not limited to this list, should include the following:

  • Offer price
  • Contingencies
  • Down payment
  • Settlement date
  • Deposit amount
  • Financing arrangements
  • Legal description of the property
  • List of fees and who will pay them
  • Inspection rights and possible repair allowances
  • Appliances and furnishings that will stay with the home
  • Method of conveying the title and who will handle the closing

At this point, you have three options:

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.