On May 6, 2013, a few days away from closing, where to have the closing became an issue. Typically, a closing would happen at the registry of deeds where recording the new deed would take place. So, after talking to my attorney, that’s where we thought the closing would take place. However, the realtor called me soon after and told me the closing would happen at the office of the buyer’s attorney. Immediately, I told my attorney of the mix up. So, my attorney called the buyer’s attorney to clear the confusion. After the discussion, both attorney’s agreed to have the closing at the office of the buyer’s attorney because of convenience.

With the issue of location resolved, my attorney called to tell me about the resolution. However, I was still curious about the last missing assent form mentioned in the article Selling the Rental Estate Property: The Missing Assent Forms. So, still on the phone, I asked my attorney, “Oh, did you receive the last assent form?”

“Yes, the form arrived a couple of days ago.” my attorney replied.

“Well, that’s a few days later than promised by the belligerent beneficiary, but at least we can finally close.”

The Closing

The day before the scheduled closing, the attorney sent me an email concerning the HUD-1 Settlement Statement. Initially, my heart was in my throat because I was anxious to move this asset off the estate. With the email, my immediate response was, “What is wrong now?” Fortunately, the attorney only wanted to confirm some final numbers. So, I gave confirmation in a return email. After sending the email, the realization set in that this closing was actually going to happen.

The closing day, scheduled for noon, finally arrived. That morning I left so early, I had to find a place to kill some time. So, I went into a Dunkin Donuts where I killed a couple of hours. About a half hour before the scheduled closing, I left the donut shop and arrived at the office of the buyer’s attorney. At that point, I was the only arrival other than the buyer’s attorney. Soon, my realtor and my attorney arrived. With all parties present, the closing process began. The attorney’s had me sign a few forms along with the HUD-1 settlement statement. After about twenty minutes, the closing was complete.

After the closing, I asked the attorney, “When do I receive the proceeds from the sale?”

 “Typically after the recording of the new deed. When I receive confirmation of the recording, I will release the proceeds to you. It could happen as soon as a couple of hours.”

“Well, there is no rush. As long as the property is off the estate, I am happy.”

The Final Details

A few days after the closing, my attorney called me into the office to pick up the check from the sale. After receiving the check, I immediately deposited the check into the estate account. That same day, I went to the insurance agent and cancelled the home insurance on the estate rental property. These final tasks completed the asset settlement phase of the estate.

At this point, delighted was a good word to describe my demeanor. With the rental property in disrepair, I never thought completing the asset settlement phase of the estate was possible within a year. Regardless, the rental property moved in eight months, which gave me plenty of time to close the estate on time.

Was this article informative? Was the ease of the closing on a cash deal surprising to you? Share your thoughts or questions in the comment area below.