I had a situation today where the buyers of one of my listings were wanting the keys to their new home, on this day of their possession. Ordinarily this is not a problem, but unfortunately we were still without a registration number for this deal and no money had been delivered / transferred to my clients’ lawyer’s trust account. So, “no money, no talk,” as my esteemed colleague said this morning. Or, as Cuba Gooding’s character said in Jerry McGuire, “Show me the money!” If A is my client, B is the buyer of A’s property and C is the buyer of B’s property, the problem arose when C or C’s lawyer was late in giving the money to B and then B in turn was late in giving the money to A. The domino effect in action. Fortunately everything worked out in the end, although not in as timely a manner as I would have preferred. The lesson here is that if you are intending to take possession of a given property and the payment of funds hinges on the receiving of funds from another sale, make sure that everyone is aware of their respective deadlines.
The ABC’s of Real Estate