Closing and funds from buyer

[shortandsweet]

I am getting close to the closing date of my currrent home and I talked to the title company yesterday. They said they "expect" the buyer to have the funds wired by the closing date, but they cannot guarantee that. It is a cash sale.

Is this normal? Should I sign the closing docs even if the buyer has not yet transferred the funds? The buyer will do a mail away closing.

Thanks,

[StartingOver10]

Yes, sign the documents. You are protected because the title company can't complete the closing without signatures of all the parties plus all the funds. The keys and closing docs won't be released to the buyer without the buyer funding in full.

The buyer wires the funds either the day before closing or the day of closing. The title company can't fund the closing until the funds are wired. And, if the buyer fails to wire the funds, then your signature on the seller docs doesn't mean you closed without funding. It means the buyer defaulted. Anything can happen to prevent a closing, but it is rare. Most closings, IME, happen as scheduled.

Congratulations on the sale of your home!

[shortandsweet]

Thank you. That offers a little piece of mind. I will sign the docs and hope the buyer will have their funds wired on time.

I am partly happy I sold it (it's been a very good home for the last 7 years) and almost ready to close on a new home. This process is nerve wrecking to say the least.