We are holding a $55,000 note on a house we sold. The purchasers refinanced their loan in order to pay us $32,000 of what was due us, and we will continue to hold a note on the remaining balance of $23,000. What I need to know is, how long should we have to wait for the $32,000 to be wired to us?
When the purchasers refinanced, they received a right to cancel the transaction. Assuming that all the appropriate disclosures were made at the closing, the cancellation right would expire at midnight on the third business day (Saturdays count; Sundays and federal holidays don't) after the date of the closing.
Funds from the closing won't be disbursed until after that cancellation period expires. You should expect to receive funds promptly thereafter.
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When the purchasers refinanced, they received a right to cancel the transaction. Assuming that all the appropriate disclosures were made at the closing, the cancellation right would expire at midnight on the third business day (Saturdays count; Sundays and federal holidays don't) after the date of the closing.