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jmcquown[_2_]

On 7/15/2017 11:56 AM, wrote:
> On Sat, 15 Jul 2017 15:44:46 +0100, "Ophelia" >
> wrote:
>
>> "jmcquown" wrote in message news >>
>> On 7/15/2017 5:45 AM, Ophelia wrote:
>>> "Bruce" wrote in message
>>> ...
>>>
>>> On Fri, 14 Jul 2017 23:03:55 -0700 (PDT), John Kuthe
>>> > wrote:
>>>
>>>> On Friday, July 14, 2017 at 5:22:26 PM UTC-5, Jill McQuown wrote:
>>>>> On 7/13/2017 8:25 AM, Gary wrote:
>>>>>> Janet wrote:
>>>>>>> says...
>>>>>>>> And my housemates love me so much as their landlord they gave ME
>>>>>>> their July 2017 rent checks rather than our cheap Chinese
>>>>> landlord! (I
>>>>>>> just deposited those checks too, today!)
>>>>>>>
>>>>>>> Just wait till the Chinese OWNER of the property finds out HIS
>>>>>>> tenants didn't pay HIM their rent this month.
>>>>>>
>>>>>> I was thinking the same thing. John is not the owner yet and the
>>>>>> chinese
>>>>>> owner gets the rent until then.
>>>>>>
>>>>> John is delusional if he thinks he's already their landlord. He's not;
>>>>> they aren't John's tenants. What part of [he] doesn't own the house is
>>>>> so hard for John to grasp?
>>>>>
>>>>>> This really does sound like a fail-fail situation. Maybe John should
>>>>>> stop right now, swallow his losses and go look for a better house to
>>>>>> buy. This entire deal with all the future repairs sounds so not right
>>>>>> to
>>>>>> me.
>>>>>>
>>>>>> No sane person would ever fix up a house until after closing and they
>>>>>> own it. The chinese landlord is probably loving all this insane
>>>>>> nonsense.
>>>>>>
>>>>>> John...he could even cancel the sale after you spend half your fortune
>>>>>> fixing up HIS house. Wake up.
>>>>>>
>>>>> He sure could. You can bet he's keeping an eye on everything that's
>>>>> going on in that house. In fact, as the legal landlord, he has every
>>>>> right to enter and look around the property. He could take one look at
>>>>> these improvements and decide he doesn't want to sell. Until closing,
>>>>> he can back out at any time.
>>>>>
>>>>> Jill
>>>>
>>>> Oh and he does whenever he wants. But he;s out of town right now.
>>>>
>>>> WE have to do these things to close the sale and then he and his partner
>>>> get $108,000 cash. If the sellers back out after I've paid to have all
>>>> this occupancy permit inspection stuff brought up to code I'm sure I'd
>>>> have
>>>> a very good case for a civil lawsuit against them. They signed the sale
>>>> contract too after all!
>>>
>>> But isn't it strange to collect rent for a property you don't own yet?
>>>
>>> ==
>>>
>>> If they have signed the sale contract, does that not indicated they have
>>> sold it to him? Not sure how it works there.
>>>
>> Until actual money changes hands and the deed is handed over ("closing
>> the deal"), it's nothing more than a handshake even though it's on
>> paper. Either party can back out at any time up to that point.
>>
>> Jill
>>
>> ==
>>
>> Thanks. When we have bought houses, we have never had to sign anything
>> until the deal is completed.
>>
>> Once signed, it is a done deal.
>
> Jill is incorrect and property deals are different over here, my
> cousin twice lost houses she was ready to move to in the Surrey area
> because in your system the deal is not legally binding until the day
> it takes place.
>
How is "the day it takes place" different from "closing"? The exchange
of money and handing over the deed to the property means it's accepted,
it's done. SOLD.

Jill