Making final payment

[Salf777]

Hi all
we have an accepted offer and know we can’t close until first of year due to seller having a reservation. we have received and signed and sent back the closing documents. We have not received notification that the seller has signed them yet. Don’t even know if we are supposed to receive notification that the seller signed.
closing agent said she would “make a reminder to look for the funds January 6th”
do you wire the funds prior to the seller signing closing documents? the title company, which is Mason Title, which I have read decent things about here, just said we can wire the funds as we close to the end of the year nearer closing. They didn’t say anything like funds need to be received by a certain date. Would you just wire the funds or wait

 

[kerrylacherry]

I waited for my closing agent at Mason Title to tell me that my seller had returned their paperwork. My seller took 3 weeks for every step, and I wasn't going to send my final payment until they actually did their part. Mason would just hold your money in escrow, so you might as well keep it earning interest in your account.

Contact your title agent and ask them to let you know when they receive the signed documents, then you can arrange payment. If you can't close until January anyway, it doesn't make sense to me to send payment until then. YMMV.

 

[Lorana]

Hi all
we have an accepted offer and know we can’t close until first of year due to seller having a reservation. we have received and signed and sent back the closing documents. We have not received notification that the seller has signed them yet. Don’t even know if we are supposed to receive notification that the seller signed.
closing agent said she would “make a reminder to look for the funds January 6th”
do you wire the funds prior to the seller signing closing documents? the title company, which is Mason Title, which I have read decent things about here, just said we can wire the funds as we close to the end of the year nearer closing. They didn’t say anything like funds need to be received by a certain date. Would you just wire the funds or wait

I would ask Mason to tell you when they have received the seller's closing docs, and then wire the money over. Sometimes it can take a seller a long time to get their docs notarized and sent, and then your money is tied up with the broker during that time rather than at least in a savings account earning interest!