Q: How can I use the money from the sell of my house as a down payment for the purchase of a new one?
I am in the process of selling my home, and have a buyer. In order to help qualify or a good mortgage rate, I want to use some of the money I get from the sell of my home as a down payment on another one. I also want to make sure that I give myself time to find a house, before moving out.
When do I have to come up with down payment for new house? Would it be ok, If after I receive a check from the sell of my house to turn around within 5 days and write a check for the down payment of new house?
A: You can do this, but would you move out between deals? No one is going to give you a possession agreement to let you live in the old house for the 90 days or so until you would close on the new one.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
