Is it appropriate to sign over our title with a cash buyer two weeks before the sale closes in escrow?

Asked by Jenny, Nora Springs, IA Sun Aug 19, 2012

We are being asked to sign paperwork with a notary two weeks before closing with a cash buyer. There are still disclosures to get in with all signatures; we have a signed copy and our buyer has a separate copy signed, but no copies with all signatures for disclosures. Isn't it a little early to sign our title over to the buyer?

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The Medford…, Agent, Fremont, CA
Mon Aug 20, 2012
Nooooooooooooo .
0 votes
Guy Gimenez, Agent, Manchaca, TX
Mon Aug 20, 2012
No reason at all to sign the deed over to the purchaser. Did they give you a reason why they want this done? Has the purchaser's money been wired to the title company or attorney (not sure who facilitates this in your state)?
0 votes
James Gordon…, Agent, Hamilton, OH
Mon Aug 20, 2012
Title changes when you get the certified check or the check from the title company. I would never tell anyone that they need to sign over title to their property on a promise to pay.
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Mon Aug 20, 2012
Absolutely not! Title to the property does not change hands until the money has also changed hands. Are you using an attorney? How about a realtor? Sounds like you need one or both! Disclosures are not the same as title, however. do your self a favor, talk to an attorney, in the long run you could save yourselves a lot of money and grief.
0 votes
Thanks Suzanne, I do not understand how it should be coordinated. Is it typical for the buyers and sellers to meet the same notary together and sign title in exchange for the money? Is that how it happens? Is there any reason a title company would tell us that both buyer and seller have to sign only with their approved notary (Fidelity National Title) by the early part of "next week", when disclosures are not even signed by both parties yet. Should this be a red flag? This seems backwards. To answer your question about the attorney, we are in CA and attorneys are not used. Maybe we should seek legal advice, but now there is time pressure. We paid our mortgage for September, so taxes are paid up. The title company seemed to convey that without signing by the early part of "next week" we may not close by 8 a.m. on 08/31/12. We just want to know the typical order of operations, so to speak, to close escrow with a cash offer. I appreciate your feedback. We need help.
Flag Mon Aug 20, 2012
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