Lawsuits for NOT doing so are No Joke.

Extra equity in a house (via down payment) might make you feel good, but its more of a risk because it can disappear in a bad market, its at risk from a lawsuit that needs to be paid, and its expensive to access that money again via refinance or selling and paying capital gains tax.

An attorney is used for drawing up agreements, closings, evictions, lawsuits, estate planning, asset protection, that kind of thing.

Instead of just keeping it a sfh with a “mother in law suite”.

That lawsuit will disclose what the lender is owed, as well as all the other fees assessed against the owner (upkeep, taxes, insurance, court fees, etc).The evictions I have done usually takes about 6 weeks… but that is presuming the person you are evicting doesn’t fight the process.  

Again, depending on where you live, mother in law suites or ADUs could be a great option for you.

Either with a lawsuit or a collection agency or both.

Turns out the sellers children are disputing the power of attorney and we just found out they’re is a lawsuit from one of the children wanting a piece of sale( I don’t have all the details) What can I do if the seller is not able to close before my rate expires?

In that foreclosure lawsuit the owner has one last chance to redeem plus pay your legal fees, otherwise the judge gives you the property and quiets title in you

You are kind of stuck paying this deposit, which is pretty much bs, just to keep a clean record (no crime, no evictions and no lawsuits).