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Is payment in full required on the day of the sale?
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The seller is entitle to receive the full purchase price on the day of closing. The title company will distribute the sales receipts taking into account outstanding mortgages, closing costs and real estate agent sales commissions.
It is important to remember that funds paid to the title company on the day of closing must be Good Funds. If the seller has agreed to seller financing part of the fund to pay the purchase price in full will be in the form of a deed of trust against the new owner of the property. The seller will be beneficiary of the deed. |
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