So, get your "Trust Deed" document that you recieved at your closing/settlement and read that for the particulars.

If you don't close until after June 1, your first payment may not be due until August 1 though that also means you will need to have all of your loan interest for the month of June at the time of closing.As for lawyer fees, I don't live in a state where lawyers are required for RE transactions but I would expect that would just be one of the many fees included with your closing costs and should be part of your final settlement.

Since you will have to pay out of pocket, and if you have the skill set, you may as well make the repairs yourself as soon as you can after the settlement.

With the exception of a few regulations, mostly about settlement procedures (they're on that HUD site) and loan regulations, the US government is not very involved in real estate.

FHA defines the seller’s date of acquisition as the date of settlement on the seller’s purchase of that property.

Jessie said it better then I did :)My point (very poorly worded) was that if you find a buyer willing to pay $13K for a property listed at $10K you are still going to have a close - your OP clearly says there is a Realtor involved so your going to a title company to do a normal close with settlement statements.

Check out a Federal Law known as RESPA, or the Real Estate Settlement Procedures Act.

They have a new message about an amended settlement now.

Anyone have any experience in investing in senior life settlements?

Make sure if the buyer fails to perform that the earnest money shall be considered in lieu of the execution of this contract and shall be released as liquidated damages and for full settlement of any and all claims or damages.3.