Once a note is ready to be purchased, both the Buyer and Seller are immediately notified via email. The email received will give you instructions and direct you about how to begin the Closing Process. You must complete the required information in your Seller's Dashboard - Under Contract List to keep the process moving in a timely manner. Below are the steps for each closing:
Step #1 - Closing Information Needed: both Buyer and Seller provide closing information needed for the assignment, signs required documents, and upload Note Documents to share with Buyer and Title/Escrow Company (if required). Upon completion of this step by both parties our automated Document Generator will prepare the needed Agreements.
Step #2 - Document Generation: we have an automated process that will prepare all the documents need to be signed by both parties. Once the documents are prepared (it only takes a few moments) both parties will be notified via email.
Step #3 - Sign Documents: both Buyer and Seller will need to log into the system to review and apporve agreements. This is done with the click of a button - giving your Approval will automatically sign the document for you and record the event.
Step #4 - Admin Send to Title/Escrow Company (if required): admin at Note Trader Exchange will go over and approve all information to submit to Title/Escrow Company to begin closing process. Both Seller and Buyer are notified via email when this step has been completed.
Step #5 - Open Escrow: buyer will begin Due Diligence period by submitting a 5% deposit with Title/Escrow Company by following written instructions provided by them. Upon completion of this Step Buyer will return to the System and mark that it has been completed (updating the System can be done by the Buyer, Admin, or the Title/Escrow Company)
Step #6 - Title/Escrow Company: will prepare all required documents, recordings, and handle dispensing of all funds.
Once Note Purchse has been completed Admin will close the sale out on the Note Trader Exchange system and this note will be moved from Seller Under Contract List to Seller Closed List.
We are here to help you through the entire process. We do our best to make sure that we can complete the transaction.
Buyers who are purchasing a Note with a Purchase Price under $25,000 have the option to close directly with the Seller and not use the preferred Title/Escrow Company.