Note Cours Bonus: What's A Simultaneous Close?
Published: Tue, 06/10/08
In this Bonus Lesson, Michele Robbins, CPA, president of Note
Funding Resources, LLC, explains simultanous closings, which many
are using to buy notes at the time of their creation. The article
follows the information on private
mortgage lending below.
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HOW A SIMULTANEOUS CLOSING WORKS
By Michele Robbins, CPA
A simultaneous closing is two closings occurring simultaneously (at
the same time).
In the note industry, a simultaneous closing means:
1) the property purchase closing and 2) a note purchase closing
occurring at the same time.
Many times new deals are set up whereby the transaction is
structured as a seller financed deal. There are investors that
will purchase that seller financed note from the seller at the
closing table. Some investors are cautious to do this because
they fear they will be viewed as a lender (hence needing a
license, etc.), whereas other investors are comfortable with this
type of note purchase, or note flip, as long as things are prepared
properly at closing.
How it is set up usually depends upon the individual
investor, but generally, it is set up exactly like a normal
lender closing - except that the documents re prepared (by the title
company or closing agent, usually) as if it is completely a seller
financed transaction.
After those documents are executed and reviewed by the
investor, there is usually some "note purchase closing documents"
which includes an Assignment, etc., that need to be executed.
Once all of this is done and reviewed by the investor,
the funds are wired to the closing agent. Rarely will an investor
fund before all of these documents are reviewed. Once the title
company/closing agent receive the funds, they record the documents
and disburse the funds.
Voila.
Michele Robbins, CPA, is president of Note Funding
Resources, LLC, a specialty investment company that purchases a
diversity of income streams nationwide, offering distinctive
purchasing programs for seller-financed real estate notes and
portfolios.
e-mail: info@notefunding.com
Phone: 410-758-0098
Website: www.notefunding.com
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