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Meet the new stress, a little different from the old stress
Well, the good-ish news is that I think I've got a good chance of getting all my financial ducks in a row by Monday. A whole bunch of people have pulled together at various financial institutions to help me make this happen, and so while it's not guaranteed/a done deal, I have done everything within my power to make it a reality. I am reasonably confident it will work out.
So, yay for that!
Unfortunately, that's where the good news ends. I went to see my real estate lawyer to sign all the paperwork for the closing on Monday, and got some more bad news.
It turns out that the sellers are leveraged up to their eyeballs. They have two mortgages on the property, neither of which have been paid at all, and they conveniently did not disclose that the central A/C unit they supposedly own is not actually paid for, and the property has a lien on it as a result. None of this is a problem per se, because the sale agreement stipulates that I am not responsible for any liens on the property. However, they and/or their lawyer have not provided all the proper legal documentation that stipulates that they are taking responsibility for the lien and all of the debt. Without those documents, I can't sign the closing on the house because I'd run the chance of taking on the liability, which I do not want at all, no thank you.
The sellers have until Monday (the official closing date) to produce said documentation. If they don't, we're in a bit of trouble. My lawyer has said we can close on Tuesday at the latest. Otherwise, she will petition for occupancy if they don't cough up the paperwork, meaning KK and I can move in on Friday as planned, but we will not own the house until such time as all the paperwork is in order. If we don't get occupancy, in theory the sellers would be on the hook for any expenses we incur while we don't move (like needing to live in a hotel, putting our stuff in storage, etc.), but my lawyer rightfully pointed out that, given the sellers' financial status, "you can't get water from a stone."
Blargh.
It feels like the universe is trying to shave several decades out of my life from sheer anxiety. Weirdly, I am less stressed out about this than I was about the financial bullshit that happened yesterday. Finances are a big red panic button issue for me, but legal documentation doesn't appear to fall into the same category. I won't know until Monday if the sellers have produced all the necessary documentation, so I guess I get to worry about it all weekend. Hurray.
Okay. Time to go feed and water the quail, and then head to bed, since I'm working all weekend. Catch you on the flip side, friends!
So, yay for that!
Unfortunately, that's where the good news ends. I went to see my real estate lawyer to sign all the paperwork for the closing on Monday, and got some more bad news.
It turns out that the sellers are leveraged up to their eyeballs. They have two mortgages on the property, neither of which have been paid at all, and they conveniently did not disclose that the central A/C unit they supposedly own is not actually paid for, and the property has a lien on it as a result. None of this is a problem per se, because the sale agreement stipulates that I am not responsible for any liens on the property. However, they and/or their lawyer have not provided all the proper legal documentation that stipulates that they are taking responsibility for the lien and all of the debt. Without those documents, I can't sign the closing on the house because I'd run the chance of taking on the liability, which I do not want at all, no thank you.
The sellers have until Monday (the official closing date) to produce said documentation. If they don't, we're in a bit of trouble. My lawyer has said we can close on Tuesday at the latest. Otherwise, she will petition for occupancy if they don't cough up the paperwork, meaning KK and I can move in on Friday as planned, but we will not own the house until such time as all the paperwork is in order. If we don't get occupancy, in theory the sellers would be on the hook for any expenses we incur while we don't move (like needing to live in a hotel, putting our stuff in storage, etc.), but my lawyer rightfully pointed out that, given the sellers' financial status, "you can't get water from a stone."
Blargh.
It feels like the universe is trying to shave several decades out of my life from sheer anxiety. Weirdly, I am less stressed out about this than I was about the financial bullshit that happened yesterday. Finances are a big red panic button issue for me, but legal documentation doesn't appear to fall into the same category. I won't know until Monday if the sellers have produced all the necessary documentation, so I guess I get to worry about it all weekend. Hurray.
Okay. Time to go feed and water the quail, and then head to bed, since I'm working all weekend. Catch you on the flip side, friends!