JimmyJazz4
Member
What is the name of your state? North Carolina
We are in Franklin County, NC
The Buyers are refinancing their home (they are keeping it as their primary home IN CALIFORNIA) and using proceeds from the refinance to purchase our home IN NORTH CAROLINA. Their son and his family will live in our ex-home---not really relevant but puts this in context. The Buyers will have possession of the refinance proceeds probably weeks in advance of the closing. Due to new contract forms in NC efffective 7/07, the Buyer only has to advise us if they DO NOT get approved for the refinance; they don't have to prove to us if they get the loan approval---go figure...)
IF this deal goes to closing (which is still up in the air--see other thread):
Can we, the Sellers, insist that:
1) The Buyers sign the closing papers BEFORE we do? (basically just a HUD1 since this is something similar to a cash sale--their refinance will have already be completed weeks before closing).
We have been given the impression that the Buyers will not be at the closing because they are in California and we are in North Carolina. They will send the funds to the closing attorney---we have no idea what method they will use to send the money (or even if it will be by certified check if they send a check). Our real estate agent is too timid to ask...just our luck...
(When we lived in AZ and sold our house there, we signed all the papers on closing day. The Buyers couldn't get off of work, so they said. They Buyers kept telling the title company they couldn't get off of work for 2 weeks before they finally showed up and signed the papers. We don't want to deal with that uncertainty again if we legally don't have to.)
2) If the closing attorney doesn't have the funds in his possession on the day we are to sign the closing papers, are we within our rights to postpone our signing of the papers until such time that the closing attorney has the funds (even if this would make the closing AFTER the "ON OR BEFORE" closing date)? Are we within our legal rights to insist that the funds be at the closing attorney's office at least one day before we go to sign the closing papers or else we will not go to closing? Can we do this so we can keep our sanity????
3) IF the closing attorney receives a PERSONAL check from the Buyers, and it hasn't cleared the bank by the time we are to sign closing papers, can we insist upon that check clearing before we sign papers?
We are in Franklin County, NC
The Buyers are refinancing their home (they are keeping it as their primary home IN CALIFORNIA) and using proceeds from the refinance to purchase our home IN NORTH CAROLINA. Their son and his family will live in our ex-home---not really relevant but puts this in context. The Buyers will have possession of the refinance proceeds probably weeks in advance of the closing. Due to new contract forms in NC efffective 7/07, the Buyer only has to advise us if they DO NOT get approved for the refinance; they don't have to prove to us if they get the loan approval---go figure...)
IF this deal goes to closing (which is still up in the air--see other thread):
Can we, the Sellers, insist that:
1) The Buyers sign the closing papers BEFORE we do? (basically just a HUD1 since this is something similar to a cash sale--their refinance will have already be completed weeks before closing).
We have been given the impression that the Buyers will not be at the closing because they are in California and we are in North Carolina. They will send the funds to the closing attorney---we have no idea what method they will use to send the money (or even if it will be by certified check if they send a check). Our real estate agent is too timid to ask...just our luck...
(When we lived in AZ and sold our house there, we signed all the papers on closing day. The Buyers couldn't get off of work, so they said. They Buyers kept telling the title company they couldn't get off of work for 2 weeks before they finally showed up and signed the papers. We don't want to deal with that uncertainty again if we legally don't have to.)
2) If the closing attorney doesn't have the funds in his possession on the day we are to sign the closing papers, are we within our rights to postpone our signing of the papers until such time that the closing attorney has the funds (even if this would make the closing AFTER the "ON OR BEFORE" closing date)? Are we within our legal rights to insist that the funds be at the closing attorney's office at least one day before we go to sign the closing papers or else we will not go to closing? Can we do this so we can keep our sanity????
3) IF the closing attorney receives a PERSONAL check from the Buyers, and it hasn't cleared the bank by the time we are to sign closing papers, can we insist upon that check clearing before we sign papers?