f/u house - occupancy today

Patineuse1124 · May 2011

I have no idea when we will finally close, but we get to have early occupancy today! I'm very excited to get into the house and hopefully get our lives back to some normalcy (I love my parents but it's not fun having all our stuff in their garage and living with them).

In case anyone is curious, the holdup on closing is because of title issues (and PITA lawyers). The problem is that the seller purchased the home from his father in 2006 when his father got divorced and could no longer afford the mortgage. He gave his father life estate, and put the title/deed in the name of an LLC (which is incorporated in Delaware) basically to protect his father's reputation (even seller's siblings didn't know he owned the house and not their father). The father passed away in 2010. There are problems now transferring the title because it is a Delaware LLC and not registered to do business in NY. Seller can't easily register to do business in NY because his LLC has the word "Investments" in the name and that requires extra hoops to jump through in NY state. The seller paid cash for the house which is why I think he didn't have these problems, but since we have a mortgage there needs to be title insurance, and that lawyer is the biggest PITA of them all.

The seller is actually a great guy to work with, and we often talk with him instead of the lawyers and REAs (I know this is usually a no no, but it's worked really well for us).

cm10/10 · May 2011

How exciting!!! Have fun moving in! Sorry that the title is the problem. FYI-- in case you haven't done this already--- check with your homeowners insurance to make sure it kicks in starting today (at least contents). God forbid something happens you want to make sure you are already covered.