What is a double close?
A double close is two contracts on one property. You buy from the seller, then sell to the end buyer. Brittco funds the purchase, and the resale proceeds repay the loan.
Which two contracts are in the file?
The A-B contract is your purchase from the original seller. The B-C contract is your resale to the end buyer. Transactional funding is the money for the purchase, so both sides can close and you can keep the spread.
How does the money move on a same-day file?
Put both contracts in the file and let the closer run the sequence. Brittco wires the A-B purchase. The B-C resale closes. The closer pays the loan from the resale proceeds. When that happens on the same calendar day, the fee is 1% of the amount funded.
The first deed does not have to be showing in the public record before the resale documents are signed. Your closer runs the funding sequence.
What if the end buyer is using a loan?
Tell the closer early. The end buyer’s lender has its own conditions, and your closer knows whether that lender will fund into the sequence. Brittco coordinates with that office so the wire order stays clean.
Where should you go next?
Have a double close on the calendar?
Send the property, the amount, and the two closing dates. Same-day is 1%. Within 7 calendar days is 2%.