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I am selling my co-op apartment and want to buy a house.
Sent to Legal Experts April 07 12:09 PM

I am selling my co-op apartment and want to buy a house. Unfortunately, at this time, I do not have a lot of extra cash. How does the process work? Upon the sale, will I be able to use the excess money [meaning that I expect to sell my apartment for more than the new house will cost] to pay for moving costs. When do the selling agents get their money? I am asking will the "excess" money be at my disposale for my needs before I sign a contract for a new house purchase?

 

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Brooklyn, New York

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No one

Customer (name blocked for privacy)
Status:  Closed   Value: $15
Answer
April 7 12:22 PM (12 minutes and 52 seconds later)
         
ACCEPTEDCheck Mark
The seller does not get any money until the closing date.

Normally, the seller's agent gets his/her commission deducted from the amout the seller makes on the property (less any taxes that are due and less any mortgages on the property).

That means that the check the seller obtains upon the closing is normally just that amount of money left over after the mortgages, taxes, and commissions are paid.

PLEASE NOTE: Responses here are for information/education only, NOT legal advice and do not form attorney-client relationship! Only licensed attorneys you hire in your state can provide legal advice.
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Jane T (LLC) -- Lawyer (JD) -- 100% Positive Feedback on 2099 Legal Accepts
Experienced attorney; contracts, internet, business, finance, employment, RE, consumer, & more.
Reply
April 7 1:51 PM (1 hour and 28 minutes and 19 seconds later)
         
I wanted to know can I make it such that the money fromt the sale--the money that I get after the real estate agents percentage, mortgages and taxes--is given to me prior to the time that I must pay the seller of the property that I am going to buy so that I can pay for other incidentals--moving, etc. Can I space the sale of my property and the buying of my new property?
Customer (name blocked for privacy)
Answer
April 7 1:59 PM (7 minutes and 53 seconds later)
         
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Jane T (LLC) -- Lawyer (JD) -- 100% Positive Feedback on 2099 Legal Accepts
Experienced attorney; contracts, internet, business, finance, employment, RE, consumer, & more.
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