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Question
my boyfriend went into contract to buy a house. the seller doesn't even own the house yet because hes buying it through the bank to sell it to my boyfriend. should the seller or my boyfriend have waited till the seller at least owns it... is that a legal binding contract...i'm in rhode island
Hi Kathy-
Thanks for the question but you would do best to check with an attorney. I have seen those types of "deals" but generally the first one had to settle not using the second one's money, although they can be concurrent closings. The second contract should have a clause voiding it if the first one doesn't close. The laws may vary by state so again, you could check with an attorney. Sounds a little risky but I doubt its illegal, a lot depends on what the contracts say- I would definitely recommend title insurance! Thanks and good luck, Toni
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Toni Yates
Expertise
As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience
12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations
National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials
Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors
Top producer awards from FAAR and Re/Max.
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