Who Disburses Funds after a Property Closes?
Who Disburses Funds after a Property Closes?
Q: If Im a seller, when should I get my proceeds from the sale of my property?
A: The attorney may disburse funds immediately after real estate closing gifts has been completed, the title has been updated, and the documents have been recorded. Often, time may not permit the attorney to record the documents, update title, and disburse funds, or the lender may not be able to wire the loan proceeds, all in the same day. When this happens, a dry real estate closing gifts is sometimes held with the funds being disbursed the next business day. If you are a seller, you should discuss the timing of disbursements with the attorney in advance so you can be aware of any possible delays. If you are a buyer, be aware that the seller may not be willing to give you possession of the property until he receives his proceeds from the sale.
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