When: November 2014
Photo: Brick House 319 on the day we purchased it.
During September and October, John loaded his pick-up truck with Bill’s electronics and boxes. He took multiple loads to Bill’s storage units. After filling up the first 10×20, Bill rented another 10×20. Later, he rented three additional storage units. After three months of seeing John invest a massive amount of sweat equity in the house and hauling Bill’s belongings, I didn’t want to wait until February 15th to purchase the house. I said to John, “Let’s buy it now.” Of course, the contract would still allow Bill until February 15th to get all of his belongings out of the house and off the property.
We asked Bill if we could buy the house now rather than waiting. He said, “Yes.” I called our attorney and he penciled in a closing date before Thanksgiving. In Pennsylvania, closings take place at a title company. Actually, in Pennsylvania, ninety percent of closings are done without an attorney present. It usually takes place with the real estate agent, a mortgage bank rep and the title clerk at the title company. Due to our somewhat unusual contract, and the fact that a real estate agent wasn’t involved, we chose to have an attorney.
We picked Bill up to take him to the closing.
The closing was easy breezy. It was John and I, Bill, the attorney and the title company manager. We purchased Brick House 319. We also purchased title insurance. Title insurance isn’t required when paying cash for a house but we were advised to purchase it.
The contract allowed Bill to continue going through the house contents with John moving everything to his storage units as well as discarding junk. Bill’s deadline was three months away.
After the closing, I immediately called John’s friend who owns an insurance agency. We had to bind a builder’s risk insurance policy on the house immediately. It was and is quite expensive. We now had piece of mind because Bill did not have any insurance on the house, which had plagued us with worry.
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