i was given some advice about quitclaiming a property to my buyer before closing with my seller. i was told i would be paid my assignment on a HUD-1 (HUD-1d). I have no clue what this is and it is not in the glossary so i “googled” it and got nothing. please (in laymans terms if possible) explain what a HUD-1(HUD-1d) is?
I’ll try to make it simple…the HUD-1 is settlement statement that shows where the money is going.
good luck,
Tony
Hoedy Only1minya:
I was getting ready to type an answer and just noticed the above responses. Her is my 2 cents worth. Quitclaim deeds are worthless most of the time. Title companies will not issue title policies most of the time. They have no recourse against the seller. Best to do a double closing.
howdy ted,
thats just it! if you mean a double close where i assign over the purchase agreement with my seller to my buyer, my agent won’t let me do that. I can only close with the seller first, then quick claim the property to my buyer. which requires that i get POF (loan, hard $$, ca$h). i got to be able to pay closing costs and the whole nine yards.
Howdy Only1minya:
I tell the agents what I am going to do and not the other way around. The title company should be able to do the double close the same day without you using any money.