Are both buyers equally preapproved with a strong earnest money deposit and showing ability to get to settlement?

Del,I am an investor (wholesaler) friendly settlement agent.

So typically the municipality will spend more time fighting you although settlements are still pretty common. 

I know I'm probably going to have to reach some sort of a settlement with the tenant because I'm sure they can't com up with the total amount.

Hi @Seetha G, One thing that we always recommend when administering 1031 Exchange transactions as a Qualified Intermediary is that the client should obtain an estimated settlement/closing statement a couple of days prior to closing in order to review the statement with their tax advisor and Qualified Intermediary for potential items that will cause small amounts of taxable boot.There are essentially three "buckets" of closing costs.

The lender will work directly with the closing company up until the closing day to make sure they have the most updated HUD/Settlement statement to know the full amount needed to fund.

I also have several attorneys I use for settlements.

just curious, does the city/township require a u&o/co for the house to be lived in before settlement?

The attorney handling your settlement should be able to answer all your questions, and even prepare any necessary documents for you.

If some descendant from a previous owner finds he has inherited a portion of your property through a faulty Chain of Title then you will have to adjudicate a settlement that may cost much more than Title Insurance --- a one time fee.If you had Title Insurance in the example above then the Insurance Company would cover your expenses to recover in court or compensate you for the money you paid to buy the property.