first home purchase, with fiancee

[ClutchDisc]

Purchased 3 homes so far in my life. Never needed an attorney.

 

[JayhawkRoy]

In this area closing is predicated on getting keys and total possession of the house at closing. Anything delayed get negotiated. 30 days appears too long without some kind of rent, or moving closing to a later date. Also there may be house insurance issues since you are not living there at time of closing until Sept and are allowing someone else to live there in the interim.

 

[alarmguy]

alarmguy,

You are 10000000% correct.

My oldest sister owns a law firm and most of her clients are real estate transactions. Worth every penny to avoid problems in the future.

Thank you, as you know, I had a significant real estate practice on Long Island, New York
What I’m about to say is 100% truthful.
Every closing on Long Island involved at least the late 90s and early 2000s a sellers attorney, buyers attorney, bank attorney escrow closer and whoever else I am forgetting. The closing attorneys offices in many cases, especially in Garden City, New York long conference tables like you would see in board rooms. They were like closing machine assembly lines incredible staffs.

We had a good relationship with some very big real estate law firms. Which was pretty impressive since many of them did not like some real estate firms, particularly agents . Many of them knew me. it was a cool feeling. I had a really fun time for a period of my life.

Anyway, Long Island is a litigation capital of the country probably and this is the way the real estate attorneys role and it is the correct way to do things and properly representing their clients.

Very cool, thank you for that feedback, it carries a lot of weight since your sister has a law firm.
To me personally, it seems so silly for people to not hire an attorney on what will be the biggest purchase in their life, one that carries many legal issues and possible ramifications.
And the one in the most perfect examples is what this thread is about. Someone remaining in a Home after another person purchases it. A good attorney does not like that, but if it must be, they will make sure that their client, the one purchasing that house is properly as best as possible protected, and that will be holding back some of the purchase money as escrow until those people leave that house and in good condition.

Don’t get me wrong we did do deals where people stayed in homes because the purchaser wanted that Home so badly that they would make the offer more attractive giving the sellers time to move out after the closing. But having an attorney is key to making sure you are protected.

 

[alarmguy]

By the way, the regulars may know my son and daughter-in-law sold their first house last year and purchased a new much larger Home.

That home was still being built at the time. However, the young buyers he had for his existing Home wanted it so bad contained in the offer was they could stay in that home for a set rent for a period of three months.

Since there were multiple offers on the house that option was very attractive to my son and daughter-in-law, that was the offer they accepted,and the attorneys worked out the proper agreement and escrow.

 

[SOUNDMAN5000]

Purchased 3 homes so far in my life. Never needed an attorney.

Licensed Real Estate Broker / investor 0ver 30 years... I have never NOT used an Attorney. I guss it does depend on the State you live.
As far as not handing over the keys at closing. I have heard of say a track builder selling his last model home and leasing from the new buyer a few months but I would never agree to such a thing as I have heard horror stories and IMO one needs great protection and who wants to buy a new home and and then turn around and take months to evict the seller you just purchased the home from.

And bad things happen the day after closing. I once sold and closed on a condo I owned and the next day got a call from the HOA saying I had water pouring out the front door of my condo.

My response was its no longer my condo...
Can get complicated If keys are not passed at closing.

 

[drtyler]

According to the realtor, 30 days from closing is standard?

No, keys when transaction occurs is standard.

 

[Dave Hess]

Maybe run the owner(s) name in the Clerk of Courts website in your county to see if you find any dirt on them.

Lawsuits ?
Bankruptcies ?
Legal Disputes ?
Etc, Etc, Etc….. Some people like to play games and they end up in court.

Me personally, I would gladly pay to have lawyer during this big financial transaction. Just my personal opinion.


*** Edit ***

Allen County Clerk of Courts​

https://clerkofcourts.allencountyohio.com/

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