@Dawn A.Withdrawal types from your 401k depends on what is stipulated in your 401k plan document.

You add a stipulation making the contract assignable;you can assign the contract.

The loan is for 40 years, different stipulations.

I don't know of any lenders who will give a pre-approval without getting the items you mention.I would require a pre-approval letter with all offers and would stipulate that you will continue marketing the property and accepting backup offers until closing.Eric

It might be cheaper than arguing and paying the attorney additional fees, holding up settlement and fighting over it.I'll bet the contract and norm is to transfer marketable title, insured title, unless stipulated in the contract, if this is a last minute issue I'd guess it's just the attorney, seeing if he can get away with it in representing his client.There is also another issue so far as financing, if your friend is obtaining a loan the lender will require a GWD being insurable as well, exceptions are made for institutional lenders selling as the property is sold by a corporate body arising out of a foreclosure, a different issue than buying from an individual.Make it a lending requirement for settlement and that SWD may go away.But, ask, are there any exceptions being made and why?

Your contract should stipulate when and under what circumstances you can walk away without penalty or incurring expenses.

If you are referring to capital expense reserves, you want anywhere from 5%-10% of the gross annual income as a reserve fund, depending on the age, location, etc. of the units you are buying.As far as building this reserve initially, one option Mike did not mention is to have the purchase contract stipulate a deferred maintenance credit from the seller to you.

As a roofer, I would want the funds before starting as well (looking from the contractor's standpoint).Perhaps you can agree to have a third party (such as escrow), take the full payment, and the contract would stipulate when and how much would be paid out to the contractor.

The one stipulation is that he prefers us not to buy any houses on our own... which my fiance is not thrilled about.

As an owner, you would have stipulations in your lease to prevent that.Also, that's what i was trying to get across.