Is a realestate transaction done the minute you close on the deal?
612043
As long as the contract is legal and binding (for example, the parties involved were of legal age to enter into a contract), then yes, the transaction is done and either party can be sued for non-performance or breach of contract if needed. \n\nThe above is of my opinion based on my experience and knowledge as a California real estate mortgage broker and investor. I suggest you seek legal advice from a lawyer who specializes in real estate law.\n\nRegards...
1046285
If the contract shows in writing that he is buying it for 2.4M and the appraisal show the same, messing with legalities with the sellers and their not wanting the full amount mentioned.....it is a messy legal problem.  If it is in writing for 2.4 then 2.4 it will be, not 1.3M, who cares?  Not the bank, not the buyer if the seller is willing to sell for 1.3M.  Then 1.3M should be on the contract not 2.4M   You can't put anything on paper where it shows over and above what both the buyer and seller are going to want to settle for.  It sounds real messy to me. Could have some problems down the road if anything goes wrong.  Who knows WHAT might go wrong but there is nearly 1M at stake here!  I'd try hard to not fudge with the paperwork it could fall back on you too!  And who is this "buddy" to say what he should or shouldn't do when there is a million dollars at stake.  I'm sure if the buddy was in his shoes he'd be wary too.  Check it all out OK?  Don't jump into anything, it seems everyone is wheeling and dealing "off the books" and that is crazy-a million dollars difference? I wouldn't get involved even if it might mean a nice commission.  Are you working for yourself or a Real Estate company.  Will the Real Estate Company want this type of activity going on in all the paperwork? I doubt it, sorry.
888933
Normally, closing occurs simultaneously with possession.  The seller gives the buyer the check and gets the keys to the house, and that's the end of it.\n\nIf there is a problem that needs to be addressed, such as the seller needing time to move, the buyer and seller can agree on a rent-back arrangement.  They go to closing, and until the seller moves out the seller pays rent on the house to the new owner.  But both parties have to agree to that; it's not automatic.  And if the problem is that the seller is having trouble with getting the mortgage in place, closing is postponed until they can work it out.\n\nHope this helps.   Good luck!!
952452
Don't wait till closing to ask for concessions.  They should be part of your contract to buy.  If they are not in the contract to buy, they do not have to be given for the sale to close and you will be the loser.
1016841
Almost simultaneously if you have equity and a good FICO.  On a new build in a hot real estate market you should have equity by the time the house is completed.\n\nYou maybe able to close the equity line when you close on the home.  \n\nSome buyers use an equity line for part of the downpayment and need it to close and that's doable.\n\nGood luck
1056913
You can easily terminate the agreement.  Check your contract for your liability for any expenses though.  But, after a week, the realtor probably hasn't done much more than put a sign in your yard and listed it in the MLS.  Hopefully he's not a short-sighted realtor, shouln't charge you a dime especially because your circumstances have changed.  Now, if you were switching to another realtor........that's a whole 'nother story.
1031423
It is a foreclosed home and the bank now owns it and is trying to sell it. If you are looking to buy an REO (Real Estate Owned..A fancy word for The Bank Now Ownes It) be prepared for a bidding competition with other investors. Get as much information as you can about the property  as you can. REO's can take time depending on the bank. I have done REO's that have taken up to 2 months and others that were less than an month. It really depends on the bank and how many people are bidding on it. \nhttp://www.lendermark.com
556408
You can set up any sort of agreement with the buyer that you and the buyer agree to.\n\nIt is, in fact, fairly common to have a provision that the seller will remain in possession until the happening of a certain event (such as close of escrow on the property the seller is buying) or a date certain.  It is a subject for negotiation whether the seller will or will not pay rent or reduce the final price of the property for the time the seller remains. \n\nIf you know that you will be moving to Malaysia on a certain date, just include in your instructions to your broker and make sure escrow instructions include that you will remain in possession of the property, and/or title will not change hands, until a specific date.  Just in case there are unexpected glitches, I'd make that date at least two weeks after you plan to be gone; you can always tell the buyer he/she/they can move in earlier.
1083989
no a sale is final. So if you sold the item you are supposed to follow through with the transaction. sorry! Next time you may want to set a reserve price.
929082
The answer is No!. The contract can only be binding when it is exchanged. If you are having doubts and no longer prepared to purchase the property. Instruct your solicitors immediately not to exchange. You might however still neet to meet part of your solicitors cost for the work he/she might have done so far.
1002816
Not in New Jersey but as far as I know all signs can remain up until after closing is complete..still a chance closing could fall through..that's why they put up the sale pending signs.
990914
don't sweat this. it's common for a closing to be rescheduled, but check with your realtor to see if there is a REASON for it being rescheduled. often times, attorneys don't get the "loan packages, etc" drawn up & delivered in time for a scheduled closing. in this case, it's no big deal,.
1158451
They should start looking before.\n\nThe seller can include in their P&S (Purchase & Sales Agreement) with the buyer, a contigency that states their contract is dependent upon their ability to find a new home. It usually includes some type of time limit 30-90days is common depending on the buyers ability to be flexible.\n\nIf you are performing a For Sale By Owner, you'll need to study up on this some more in general in regards to purchase and sales agreements, if you are working with a Realtor, they should be able to assist you with this easily.
1043738
depends on your state. In mine, it is 30 days if the property was sold.
926168
The senario you describe happens too often.  The problem is this - the seller has the house off the market (it's under contract, so he can't just sell to someone else), and the current buyer is telling them "I know it's past the contract closing date, but just give me until next Tuesday and we'll have it all together....." \n\nSometimes the buyer DOES get it all together and close, and if they do, it's better to wait a few extra days than to start new with a new buyer.  Sometimes they don't, and the seller ends up pretty angry that the first buyer dragged it on..... First buyer spent $ on inspections an appraisals already, and maybe the seller already spent $ on repairs to try to make this first deal happen, which adds to the pressure to continue with it.\n\nHere's what you need to do.  Have your agent submit your offer again, and include the TREC Addendum for "Back-Up" Contract.  This form basically says..."If the first deal dies by ______ (date), then this contract takes effect."\n\nYou do need to actually negotiate the terms, price, etc. as if the house was available to you right now.  Both buyer and seller SIGN the contract and addendum, and the earnest money and option fee get delivered.   Title companies are hesitant to receipt another contract once one is already there, so maybe the checks and contract need to be held by the listing broker.\n\nThe seller still has the right to extend the first deal as much as they're willing to keep trying, but if your offer is better, then the seller would be wise to stop giving the first buyer so much time.\n\nGood luck, hope this helps.  Tell your agent he can contact me if he wants, but probably his broker would tell him a similar strategy.\n\nOh yeah, also put a time limit for a response from the seller.  And make sure you've got a really good pre-aproval leter from your lender.
981832
Many brokerages use the same leased system which does not do real-time margin calculations, only updates overnight.  In other words, your account does have the cash from your sale but the computer won't know that until tomorrow.\n\nYou can't take the funds out of account until settlement day, but generally speaking one can telephone a representative @ the brokerage and place a new order to buy the same day as the sale.  The representative will see what has happened.\n\nMany brokerages will do this "live" order at the usual low online commission, but yours may impose a fee or a higher commission.  Good idea to find out first.
984560
You create a contract for deed, and she pays you like any other bank, you pay your mortgage.\n\nMost mortgages have a "due on sale" clause, which means that if they find out you have sold your home, they can call the mortgage due.  So be careful.  If it's paid on time, may not be a problem.  If you don't record your contract, they may not find out.  But it is a potential risk.\n\nYou should contact a real estate attorney to advise you and handle the documents and the sale.  Gather up your mortgage documents from when you did your last closing and bring them to the attorney.