What is a double contract?
People also ask, how does a double closing work?
A double closing is the simultaneous purchase and sale of a real estate property involving three parties: the original seller, an investor (middleman), and the final buyer. The investor then utilizes a double closing to close both transactions at approximately the same time.
One may also ask, is Double closing legal in Florida? Double closing are NOT illegal in Florida, but what has become illegal is the use of the B-C buyer's funds to close on the A-B. For Double closings, transactional funds must be used or your buyer must agree to have their funds used for your closing.
Hereof, what is a double sale?
A double sale is the selling of the same property by the same seller to different buyers with conflicting rights.
Are double closing legal?
Double closings, or “back to back closings”, occur when two separate real estate settlements on the same property are scheduled sequentially. There is nothing illegal or wrong about double closings. There are perfectly legal and ethical. Parties generally run into problems, however, under three sets of circumstances.