House Calls: Coordinating the Move
Dear Edith: Please give me an idea of how to coordinate the sale of my present home with the move-in date for my new home. We have a tentative date of August 2019 for the new house's completion. -- M. H.
Answer: Real estate brokers can help dovetail the two transactions. If you don't already know which firm you'll use to market your present home, your builder may have names they can suggest.
In some circumstances, a developer will not start construction until you have an accepted offer on your present house.
It's a simple matter to put provisions in both the sale and purchase contracts to ensure you won't be caught with nowhere to live, or, on the other hand, you may find yourselves stuck with two monthly payments. Your attorney and the broker can explain how it's usually accomplished.
Lawyer Not Required
Dear Edith: I am waiting for approval from the Department of Veterans Affairs in regard to buying a home out West -- a new home to be built. The mortgage company, broker and the VA all say a lawyer is not necessary to complete the sale. Is this true? -- O. Q.
Answer: No law says you must employ a lawyer when buying real estate. That's true everywhere.
Beyond that, local custom varies from state to state. In some places, people don't use attorneys for residential real estate. In those locations, legal safeguards for buyers are built into the process somewhere. You're safe following community practice.
And yet, if I were buying anywhere, I'd retain my own attorney no matter what they told me about local customs.
Sons Are Co-Owners