Psych! Heeeeere's Lassie

8/20/2013

How long does it take to close a deal?

In this episode, detective Carlton Lassiter discovers he really likes the condo of a dead man while investigating his mysterious death.

He then proceeds to buy it, moves in and has a house warming party less than 3 weeks after seeing the place for the first time. Not only that, he also was able to outmaneuvor another would-be purchaser during that time.

This would be an amazingly, no, miraculously fast transaction in our world. Forget the fact that when someone passes there is a high tide of legal proceedings to wade through including probate court, will execution, and possibly estate settlement, there's also the matter of closing the deal after you have negotiated terms. Things take time! Mortgage approvals, satisfying inspection periods, getting clear title (did Carlton even get an owner's policy?) and what about the appraisal?

A non-issue for Carlton, but potentially for his future buyer is the issue of "death disclosure". Some states require the seller disclose any human deaths that occurred on the property, some states have no such requirement. California has the requirement, subject to some exceptions. It's a bit hazy though whether a seller is required to disclose about "stigmatized property" (ghosts). A good rule of thumb - when in doubt, disclose, so the seller won't be "haunted" later on.