If you need to sell your home and need to use the proceeds from the sale of your home to purchase your new home, you will need to make sure that information is known to everyone up front. Specifically, you’ll need to let your realtors know as you are looking to purchase your home and at the same time you’ll need to let your attorneys know as well. Your attorneys need to know so that the contract has provisions whether it needs to be contingent on the sale of your home or whether it needs to coincide. Another important factor will be whether your financing is a requirement of selling the home or not. You’ll need to speak to your lender also as to what they will require. At the same time the other parties, the individuals who are purchasing your home and those who are selling you the home that you are going to buy need to know that the coordination will need to take place and then accordingly on the day of closing, the sale of your home will have to take place usually earlier in the day and then the purchase of your home at the end of the day to coordinate the closings.
A double closing is a major undertaking. Though it has been done and it is possible, a double closing has many factors that can impact the process. It is understandable that people want to avoid a double move or the need to stay in a hotel, but when one party needs a mortgage to purchase the home and the seller needs the proceeds to purchase their new home, it is imperative to have an effective law firm to guide you through the process.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.