A. This is not an uncommon situation. Most of the people I deal with are selling and buying. Working with a real estate broker on both sides will help you through this process.
There are a number of solutions to this problem, but it’s important to be up front with all parties. It is possible to arrange a closing for both the sale and purchase on the same day. Alternatively, you can close on your sale property, stay for a few days, and pay rent until you can close on the purchase.
The other point is that if you cannot purchase without selling, you will need to make it clear that your purchase is “contingent” on the sale of your property.
Q. I went into a real estate office today to purchase a new home. They asked me to sign a disclosure statement. What’s this all about?
A. New York State law requires that real estate agents present both sellers and buyers with an agency disclosure. This disclosure makes clear the employment relationship of the agent.
In most cases, the agents will be working for the sellers and therefore have a fiduciary responsibility to them. However, agents are obligated to provide the purchasers with “Fair and Honest Dealing.” Signing this disclosure doesn’t obligate you in any way, it is merely proof that the information was disclosed to you.
Please send your real estate-related questions to email@example.com.