When is settlement after selling your house?
A friend of mine owes me alittle bit of money, and told me he would pay me with interest after the settlement gets paid on his house. I know his house is sold, and he has to be out by September 1st. Thats when he is moving into his apartment. I’m just wondering roughly when you think he will get the money. I assume it will be around late august, but any more educated answers are greatly appreciated. thanks.
Tags: apartment, late august, money
June 14th, 2011 at 7:36 am
You would need to find out his closing agent or escrow closing officer. These individuals would have an idea as to when the mortgage loan and everything marry up to establish a closing date.
It would depend on what phase this real estate transaction is in to determine a closing date.
You might ask your friend if you can place a demand in his escrow so the escrow closing agent will then prepare a check for you. Your demand would have to be signed by your friend,but it would ensure that once his house closed you would get paid directly from the closing agent.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
June 14th, 2011 at 7:36 am
I agree with Loanmaster except I would phrase the suggestion to my friend differently. I know the legal term might be demand- but I would say something like, "Would you tell me where the house transaction is closing? I understand they can pay me directly out of the closing proceeds so you would not have to write a separate check."