There are a number of factors that need to be considered when you are trying to sell your previous home and purchase a new one. One situation that many people feel the pressure of is trying to do these things at the same time. Even more so is when you are trying to close on the sale of your home and close on the purchase of your new home on the very same day. This process is known as a double closing. Though it can absolutely be worth it if all goes well, there are a number of risks associated that may have a negative impact on this process.
It is understandable that many buyers can’t actually purchase the new home until they have sold the old home because an investment of this type can be both overwhelming and costly. If something goes wrong with the sale of the home, the funds may not be available by the date of closing on the home you are purchasing and it can throw everything off. Another situation may be that the closing on the sale goes as planned but something goes wrong with the closing on the purchase of the new home. This may result in needing to stay in a hotel or rent an apartment, which can become costly.
If you have questions about the logistics of pulling off a double closing, contact an experienced real estate attorney who can provide you with assistance.
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.