Feb 10: Upcoming Closing

I had thought I would be making daily posts to share information. But, I’ve found that I hold so many phone conversations with so many people, a lot of them mundane, that I barely have time to keep up. So here’s the latest happenings this week.

The closing on the purchase of the two properties will be on Monday, Feb 15, with fund disbursement to the sellers on the 16th, after the title company can verify all the funds have arrived over the weekend.

The Title Company, American Home Title of Tampa Bay (813) 870-0333, finally has the documentation ready and should be sending each of the investors the information for the wiring of funds to Regents Bank. From my previous closings I have learned that to verify funds were received, we do not call Regents Bank, but rather call the title company to verify the funds have been received into the Title Company Account at the bank. Your sending bank should receive an electronic verification receipt when the funds are sent. I plan to sit in the bank office of Friday until they hand me the verification receipt. I will do this because in December we left the bank, only having to return to the bank at 5:00 pm because they had not sent the money yet. It sat on a bank officer’s desk the whole day without their sending it. At 4:55 the wire transfer was sent and received in less than a minute. GRRR

The properties are having a 4 Point Inspection for insurance purposes on Friday the 12th. It will also have a Wind Mitigation inspection to lower the insurance rates. Both properties currently receive wind mitigation discounts from previous inspections.

Copies of all the closing documents will be stored in the Private Files, after I have received them.

More to follow… if needed.

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