Is any date other than the date of closing considered to be the sale date for a home?
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Is any date other than the date of closing considered to be the sale date for a home?
I have a covenant in a prior divorce decree related to the sale of a home that is tied to the date of sale versus a time limit on the covenant. If sold prior to the expiration then a portion goes to the ex-spouse, if after then there is no proceeds to the ex-spouse.
Asked on September 6, 2016 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
The date of transfer of title is the date of sale. That is almost always the date of closing, though in theory, someone could transfer title before being paid for the home (i.e. before closing), if there was no mortgage to pay off with the sale proceeds (or the seller would pay the mortgage out of pocket). This would be *very* risky for the seller and is vanishingly rare, but could theoretically occur.
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