House purchase title issue - HELP trying to close. Thanks

[Tourusa]

Florida home purchase - Hi Forum and thanks in advance for your input.

We are purchasing a home in an estate which has the daughter as the benefactor.

During title search it has been found the estate was setup incorrectly in California or Florida.

We were due to close on Monday 13th Nov. now we have been informed and the below suggestion put forward.
Our question is how can we safeguard ourselves in this scenario whilst the estate is done correctly, below excerpt
From our agent

 

[adjusterjack]

What are your current living arrangements, what would it cost you to wait (in money), and how inconvenient would it be?

What options does your purchase contract give you in the event that the seller doesn't meet the closing date?

The answers to both those questions would help in speculating what your options might be.

 

[Tourusa]

Hi Jack we like the home so we are ok working with them, the contract we would need to add an extension to closing

Q. How can we ensure what the seller is offering is documented and in writing legally.
can we have an addendum added to the contract for live in the property for renovations,? Without legal implications if the title takes longer

 

[bcr229]

I wouldn't dare touch or make any improvements, renovations, or changes to the home until after closing, because God forbid if there's a problem getting the deed mess sorted and in the meantime something else happens where either the buyer or seller has to back out of the sale.

 

[Tourusa]

This makes sense do not make any changes, we are thinking to move in just to stop any backout by the seller or agent still showing the property.

Have you heard of this arrangement before ? How can we safeguard ourselves without putting any money at risk ? Thxs

 

[adjusterjack]

You haven't answered my questions. Read them again.

Meantime, moving in before close is dangerous. The estate question could take months to resolve (never believe a realtor's promise), there are liability and insurance issues, and if the sale falls through you have to move all over again.

My advice is to stay put.

Allow an extension if you like but get it in writing with a deadline date (30 days max) and get some sort of concession or compensation for waiting.

 

[Tourusa]

Thanks,
What are your current living arrangements, what would it cost you to wait (in money), and how inconvenient would it be? A. Living are ok no cost incurred to stay put. A. inconvenience yes as the pool and ac all need service.

What options does your purchase contract give you in the event that the seller doesn't meet the closing date? A we can withdraw or extend closing

 

[Tourusa]

Thanks all for your experience and knowledge really helping us through this

 

[Zigner]

You've been given good advice from a totally uninvolved outside perspective, but nobody here knows the "feel" of your situation. It's entirely possible that this is truly just a last-minute glitch with an easy solution that just takes a few weeks to resolve. Quite frankly, that scenario is more likely than this being a deal breaker, but there is no way any of us here can know that. At the end of the day, you are the one who needs to make the decision on how to proceed based on all of the information you have. Best of luck to you.

 

[quincy]

... A we can withdraw or extend closing

Ask for both, in writing.

If your heart is set on purchasing this house, you could agree to a delay in the closing date while at the same time preserving a right to withdraw your purchase offer if closing does not occur before X date. You would also be smart to add an inspection contingency - with an inspection prior to closing - to make sure the house has not suffered any damage during the delay.

It would be risky on several fronts to move into the house before it becomes yours.

The advice you have been offered already is smart. I suggest you review our suggestions and any additional facts of your situation with your own local attorney.

 

[Tourusa]

Thanks all the advise is perfect we will be following to the letter

 

[quincy]

Thanks all the advise is perfect we will be following to the letter

We all appreciate the thanks so thank you, Tourusa.

Good luck with your house purchase.

 

[zddoodah]

We are purchasing a home in an estate which has the daughter as the benefactor.

I assume you meant "beneficiary." Also, when you say that the home is "in an estate," I assume that means it is titled to the decedent (let's call him John Smith) and that the estate is still being administered following John's death, and that you are seeking to purchase the estate from the executor/administrator of the estate. Correct?

During title search it has been found the estate was setup incorrectly in California or Florida.

What does that mean? I honestly have no idea how an estate could be "set[]up incorrectly." And why the uncertainty over "California or Florida"? Last, why would this erroneous setup be revealed through a title search?

now we have been informed

By whom?

and the below suggestion put forward.

The "below suggestion"?

how can we safeguard ourselves in this scenario whilst the estate is done correctly

Since you haven't provided any clear factual information, all anyone here can intelligently suggest is that you take all of your paperwork to a local real estate attorney for review and advice.

 

[Tourusa]

Thanks all the lawyer has explained and is resolving thanks for all your input invaluable info.

 

[quincy]

Thanks all the lawyer has explained and is resolving thanks for all your input invaluable info.

Thank you for returning to let us know that the attorney is helping you resolve this. Enjoy your new house, whether it turns out to be this one or another.