What is a double closing in New Jersey?

When an individual in New Jersey makes the decision to purchase a home, they will often also have to sell their current home. Sometimes, people need the proceeds from the sale of the initial house to pay the closing costs on the new house. In some situations, homeowners try to execute a double closing, which means that an individual will conduct the closing for the sale of their old home and the closing for the purchase of the new home on the very same day. This is a very risky process that many real estate experts recommend avoiding if at all possible because of unexpected issues that may arise. However, some people still choose the double closing in an effort to remain in their old house right up until they officially own the new house. This allows the homeowner and their family to avoid having to move twice, which of course, no one wants to do.

Most people who conduct their closings on different days will arrange to close on the new house before they close on the old house because it allows them to also have one move instead of two. Sometimes, however, it just doesn’t work out that way. If you need an experienced real estate attorney to guide you through the closing, contact our firm today.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.