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Double Closing in Grosse Pointe Park
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Get listed hereWhat double closing usually includes
- Two purchase agreements: seller to wholesaler, wholesaler to end buyer
- One title company coordinating both closings
- Funding source for the first closing identified in writing
- Two deeds recorded with the county Register of Deeds in order
- Separate settlement statements for each transaction
- Property Transfer Affidavit filed after each transfer
What drives the cost of double closing in Grosse Pointe Park
- Two sets of closing costs, title fees and recording fees
- Transfer taxes on each transfer
- Transactional funding fees if the wholesaler borrows for the first closing
- Title insurance on one or both transactions
- The spread between the two contract prices
- Delays if the end buyer is not ready to close
- The age of the home: the typical Grosse Pointe Park home was built around 1938, so older materials, lead-safe rules and hidden damage can add time
Before you hire in Grosse Pointe Park
Lead-safe work rules apply to most homes
The typical home in Grosse Pointe Park was built around 1938. Painting, window, siding and remodeling work that disturbs paint in homes built before 1978 must follow the EPA lead-safe (RRP) rule. Ask any contractor for their RRP certification before work starts.
Older plumbing and sewer lines
87% of homes here were built before 1960, when cast iron drains, clay sewer laterals and galvanized supply pipe were standard. A sewer camera inspection before buying or remodeling is cheap insurance.
Permits: check with the Grosse Pointe Park building department before work starts.
How to compare double closing quotes
- Ask which title company will handle both closings and call them yourself.
- Confirm how the first closing is funded.
- Read both contracts for inspection and cancellation terms.
- Ask how transfer taxes and title fees are split.
- Get the process explained by an attorney if it is your first double closing.
Other wholesaler services in Grosse Pointe Park
- Assignment Contracts
- Buy and Hold Sourcing
- Cash Buyer Network
- Distressed Property Acquisition
- Fix and Flip Sourcing
- Land Contract Deals
- Off Market Properties
- Probate Property Leads
- Property Value Analysis
- Rental Portfolio Acquisition
- Seller Financing
- Subject to Deals
- Tax Foreclosure Properties
- Vacant Property Sourcing
- Wholesale Deal Analysis
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Double Closing in Grosse Pointe Park: FAQ
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