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The date of the closing is normally also the date when possession of the real estate is transferred from the seller(s) to the buyer(s). However, the real estate contract can specify a different date when possession changes hands. Transfer of possession of a house, condominium, or building is usually accomplished by handing over the key(s) to it.
The valuation of a property with proposed improvements or partially completed improvements as if completed will require the use of an extraordinary assumption or a hypothetical condition depending on whether the date of valuation is prospective or contemporary An appraisal of a property with proposed multi-tenant improvements may involve the ...
Both sides may then proceed with settlement negotiation. The Home Equity Theft Prevention Act in New York has created some confusion regarding this frequently used method of settlement. [citation needed] It is unclear whether HETPA applies to deeds in lieu of foreclosure since there is no clear exclusion as there is for a referee's deed, for ...
If you plan to buy a new home while selling your current one, use that in your favor. Liniger says an agent who can represent you on both the sale and the subsequent purchase will likely be ...
To avoid that however, I can only afford to pay you 25% (or whatever) of what I owe you." Note: almost a half a million people filed bankruptcy this past year. In a Chapter 7 bankruptcy, all ...
For a home or auto loan, this can mean foreclosure or repossession for the borrower. With most mortgages and auto loans, hypothecation is a standard requirement. With most mortgages and auto loans ...