Home Selling in Norfolk>Question Details

Chandra Kuhn, Home Seller in Norfolk, VA

Does the seller always receive the check at closing? The investor said it would take 24 hours.

Asked by Chandra Kuhn, Norfolk, VA Sun Jul 18, 2010

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It will usually take 24 hours to record the deed, before any disbursements are made. The closing agent will hold all the money "in trust" until the deed is recorded. Depending on the court schedule and the timing of the recording, disbursements are usually made the next day. Call me with additional questions and I will be glad to help, Jason Dodd 757-472-8798
Web Reference: http://www.JasonEDodd.com
0 votes Thank Flag Link Thu Aug 12, 2010
For closings we have here in Northern Virginia - funds are disbursed after the sale is recorded in County Records. Generally, the recordation takes place the day of settlement or the next day. All funds are disbursed immediately following closing. Rarely are commission checks given at the settlement table. Depending on how the funds are delivered to the seller - via wire, mail, or pick-up will depend on when you actually receive the funds. Our commission checks are generally mailed or over-nighted to the broker's office.
0 votes Thank Flag Link Thu Jul 22, 2010
If you are the seller and an investor bought your home, yes you should get paid at closing aka the settlement table.

You should not close unless the funds are there!

Are you using a realtor and or attorney or FSBO?
What did the professional say if you are using one?

The devil is in the details and you left out a lot...
0 votes Thank Flag Link Mon Jul 19, 2010
Yes, that does make me feel better! Even though we don't get paid until it's recorded, our checks usually go to our finance department and split up accordingly and gets back to us in 7 -10 days! I won't begrudge you any more!
0 votes Thank Flag Link Mon Jul 19, 2010
.Ha Lori - well - let me clarify
I said agents walk away with the commission check following the closing - that's true, but it is made out to their Broker - it's the total commission - it then goes to our accounting department - in NJ, Brokers have up to 10 days in which to cut the agent's personal commission check!

So - we leave a closing - check in hand, yes, but not in pocket until 10 days later!!

Feel better now? :)
0 votes Thank Flag Link Mon Jul 19, 2010
Oh Debbie, NOW you're just being downright mean! I usually deposit my check about 7 - 10 days after closing. It's all good, tho.

I agree, I love to see what people post from each area and it reminds me that not all rules apply to everyone!
0 votes Thank Flag Link Mon Jul 19, 2010
Lori - this is one of the things I enjoy most about trulia- learning how things are done elsewhere!

I neglected to mention that at our closings - the agents also get to walk out with their commission checks, too! ha!

Have a great Monday!
0 votes Thank Flag Link Mon Jul 19, 2010
Chandra, I see from your other posts that you are using a title company. Give them a call regarding your closing and they should be able to tell you exactly where your money is.
0 votes Thank Flag Link Mon Jul 19, 2010
Not here Debbie! Although the purchase is funded by loan or cash, the money (seller proceeds, agent fees, payment to vendors, etc ) gets sent out after recording. It is usually the next day unless we close late on a Friday or the day before a holiday. That's why scheduling is so important. I ran into that problem on a HAP closing because the government acquisition department didn't know that we needed an original deed to record.

The buyer can walk away with the keys if the contract says possession at settlement but we can put the possession after recording, if the seller wants as long as we write it in.

If Chandra sold her home in Norfolk, like her profile says, and closed on Friday, she should have her check today. I have a cash closing this a.m. and it's possible that title company will record earlier today and pay the seller today..
0 votes Thank Flag Link Mon Jul 19, 2010
Lori - that's interesting......at all of our closings, the seller walks away with his check, and the buyer walks away with the keys to the house!
0 votes Thank Flag Link Sun Jul 18, 2010
Could you be more specific? Did an investor buy your home? Check with your closing/title company. You should receive your funds after the sale is recorded and funds can be dispersed. That may take a day or two.
0 votes Thank Flag Link Sun Jul 18, 2010
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