A double closing can be a beneficial tactic during certain real estate transactions.
If there is one thing that anyone who handles real estate closings can tell you with complete certainty, it is that there is no such thing as a one-size-fits-all scenario. At Innovative Closing Solutions, we are experienced with the common and the less-common situations that can be involved. For example, if you have the need for a double closing, we can help you with that. A double closing is when there are three parties involved in a closing: the seller, a middleman purchaser, and the final buyer. Here are three instances in which that might be the case:
- Anonymity- If you are someone who wants to purchase a property but you fear that the seller will not sell to you, the solution is putting an investor into the contract who will then make the sale to you the final buyer. A double closing can also be beneficial when the seller wants to conceal their identity.
- Financial- When a buyer needs different terms to purchase a property than the seller is willing to accommodate, yet an investor will accept, a double closing can be the solution.
- Profit- A middleman may have learned about a Winston-Salem, North Carolina property at a price they found favorable and has a final buyer in mind who will purchase it at a higher price through them. In this instance, the middleman is doing a double closing to make a profit.
In North Carolina, the middleman purchaser must use their own funds to acquire the property during a double closing. If the investor needs assistance in securing funds, we can refer the investor to some transactional lenders who can assist. It is important to note that a double closing does differ from a contract assignment. We are happy to walk you through the differences and help you determine which solution is best for your situation. Reach out today with any questions that you might have.