closing on land

[Silver91]

What is the name of your state? FL

I recently moved to PA from FL. I have a parcel of res. land in central FL which I am selling to a FL resident. I will be travelling to FL for the closing. The buyer wants to have his attorney come up from south FL to act as escrow agent for the deposit, legal rep., and closing agent at a place of her choosing. Is this normal ? I would like the closing to take place at a title agency, or at the bank where the money is coming from. Can I insist on this ? What should I watch for ?

Thanks

 

[DannySue]

What is the name of your state? FL

I recently moved to PA from FL. I have a parcel of res. land in central FL which I am selling to a FL resident. I will be travelling to FL for the closing. The buyer wants to have his attorney come up from south FL to act as escrow agent for the deposit, legal rep., and closing agent at a place of her choosing. Is this normal ? I would like the closing to take place at a title agency, or at the bank where the money is coming from. Can I insist on this ? What should I watch for ?

Thanks

I just sold some hunting land last week. Just copied a contract off an FSBO site. Very simple. We signed it and will be closing in a week at the title agency. We could have closed the day after we signed the contract, but due to schedules, it wasn't convenient.
Could the buyer be financing the land? Do you still owe on the land? Sounds a little overboard for a legal rep to be there.

 

[Silver91]

thanks for your reply

I only want to be sure that the checks are valid. I own the land and the buyer is paying cash. The attorney for the buyer drew up the contract (I should have it Monday by fed-ex) and wants to act as closing agent.

 

[DannySue]

I'd read that contract carefully.

I hope he isn't expecting an agent commission from YOU.


All that was in our contract were names/addresses, purchase price, earnest money amount and held by ME, who pays what closing costs, legal land description, and signatures. Barely two pages-double spaced-SIMPLE.

 

[HomeGuru]

What is the name of your state? FL

I recently moved to PA from FL. I have a parcel of res. land in central FL which I am selling to a FL resident. I will be travelling to FL for the closing. The buyer wants to have his attorney come up from south FL to act as escrow agent for the deposit, legal rep., and closing agent at a place of her choosing. Is this normal ? I would like the closing to take place at a title agency, or at the bank where the money is coming from. Can I insist on this ? What should I watch for ?

Thanks

**A: yes, insist on using a 3rd party escrow/title company. The Buyer can have his attorney represent him only and not act as the closing agent.

 

[nextwife]

Agreed. People use third party escrow for a good reason. If his accepted offer did not require the use of his attorney as escrow agent, you are not obligated to use him.

 

[HomeGuru]

I bet the writer has no Realtor.