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Lender: Borrower: Property: Order Number: ABC Bank Johnny Go Lightly and Tread Lightly, husband and wife 123 Sunset Drive, Dallas, Texas 75205 201210220128 PeirsonPatterson, LLP Loan Transmittal Memorandum

How to fill out two-time closing

How to fill out two-time closing:

1. Gather all the necessary documents: Before starting the process, make sure you have all the required documents such as purchase agreements, loan documents, and any other relevant paperwork.
2. Review the closing instructions: Carefully go through the closing instructions provided by your lender or attorney. Understand the specific requirements and guidelines for completing the two-time closing.
3. Complete the first closing: The first closing involves the loan application and approval process. Fill out all the necessary loan documents, including promissory notes, mortgage agreements, and any other forms required by your lender.
4. Coordinate with the seller: If you are purchasing a property, communicate with the seller to ensure they are aware of the two-time closing process. Make sure they are prepared to close on their end as well.
5. Fund the first closing: Arrange for the necessary funds to cover the down payment and closing costs for the first closing. Consult with your lender or financial institution to ensure the funds are available and ready for the transaction.
6. Complete the second closing: The second closing typically involves the transfer of ownership and the finalization of the purchase transaction. Review and sign all the necessary documents, including the deed, title transfer forms, and any other paperwork required by your jurisdiction.

Who needs two-time closing?

1. Homebuyers with a home sale contingency: If you are selling your current home as part of buying a new one, you may need a two-time closing. This allows you to close on the sale of your current home first, and then use the funds from that sale to complete the purchase of your new home.
2. Homebuyers using bridge loans: Bridge loans are short-term loans that help bridge the gap between the purchase of a new property and the sale of an existing one. If you are relying on a bridge loan to facilitate your home purchase, a two-time closing may be necessary to complete both transactions.
3. Buyers purchasing a new construction property: When buying a new construction property, there may be a time gap between the initial purchase agreement and the completion of the construction. In such cases, a two-time closing can be used to secure the loan and complete the purchase once the construction is finished.

In conclusion, to fill out a two-time closing, gather all the necessary documents, review the closing instructions, complete the first closing, coordinate with the seller, fund the first closing, and then proceed to the second closing. Two-time closings are typically needed by homebuyers with a home sale contingency, those using bridge loans, and buyers of new construction properties.

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