A double escrow or concurrent closing, means that two real estate transactions are coordinated carefully so that two sales with two back-to-back buyers can close on the same day. Each transaction must be independent and the funds from the final party cannot be used for the first transaction.
double escrows are very complicated and are not allowed in some states. Given the complexity of these transactions, it is very important to work with an experienced escrow officer who has the knowledge, experience, and ability to ensure there are no delays while successfully closing these concurrent escrow transactions.
Your choice in the escrow company you work with plays a major role in concurrent closings. This is because there are many ways the transactions can run into problems. As an example, the recorder's office may have an 11:30 am deadline for same-day recording of deeds. What happens if the first transaction does not close soon enough? If there is a delay, the deed will not be recorded until the next business day and a concurrent closing will not take place. A double escrow can even be impossible if the county clerk does not provide same-day deed recording. In fact, some counties have a delay of up to 4 weeks before deeds are recorded!
Timing is a great challenge with any double escrow. You can count on the experience and expertise at New Era Escrow to avoid delays. Our expert escrow agents have many years of experience handling these time-sensitive escrow transactions. We strive to simplify and streamline your complex transaction while ensuring all requirements are met on schedule.