How might this work (is it legal?): Seller "A" sells property for $100,000 to Buyer "A." Transaction is 100% cash, no financing whatsoever. Buyer "A" then immediately sells to Buyer "B" on land contract or lease option, or some sort of owner financing.
Question: would someone (title) have an issue with the immediate sale from Buyer "A" to Buyer "B." Given it's a cash transaction initially, does this negate any mandatory waiting period? Is it a non issue given the second transaction is between two individuals and not a lender? Would it be best to have 2 title companies work the deal?
p.s. since someone is clearly going to ask let me save you the trouble: Seller "A" will ONLY accept cash.
If Harry sells to Bill and Bill gets clear title with no liens,
Bill can sell to anybody on terms he wants to.
Free and clear houses that have no financing on them are generally sold on installment sale.
This is a normal double closing. The same title company can be used, some title companies have more experience handling double closing than others. Sometime REO's have deed restrictions when the property is conveyed to the buyer. None issue for two private individuals preforming a real estate transaction.
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