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30 Answers
- loanmasteroneLv 73 years agoFavorite Answer
If you are selling your house, normally you would try to coordinate the closing of both the sell of your old house and the purchase of your new house. The sale transaction of both should close within days of each other.
If you are not selling your current house, yo would be able to keep it and use it as a rental for investment purposes.
There is no time frame n which you have to purchase another house if you sell your current house.
I hope this has been of some benefit to you, good luck.
If you are thinking of tax consequences, you might want to consult the person that prepare your taxes to find out if you are required to pay taxes on the sale of your house.
"FIGHT ON"
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- ibu guruLv 73 years ago
Seller is required to provide vacant possession of "broom-clean" premises by the closing date-time. If your closing is in 30 days at 11:00 am, you must be out of there before 11 on that date, all your possessions removed, the house clean & everything in good working order (e.g. hot water heater, HVAC, stove, fridge, whatever).
Some people do a "double-closing" & process sale of old house with purchase of new home simultaneously. Your stuff goes into storage ahead of time, or it's going to be sitting on a truck from the time you clear out the old house & get the keys to the new one so you can unload. Complicated, a bit.
Of course, you need not buy a new home at all. You could rent an apartment or some such, move in there ahead of the closing on the property you are selling.
Whichever option you choose, once you sign a contract of sale & set the closing date, you must be out of there BEFORE the closing date-time.
- ?Lv 73 years ago
as long as you like, the option to carry your gain on the sale of your other house has been abandoned for decades so when you sell and make any money use it any way you like you have paid taxes on the gain if you had any
- Roger KLv 73 years ago
You need to add the context for this question.
How long do you have --- Before <<what>> happens?
Are you talking tax issues or something else?
No one cares if you ever buy another home. You are not <<required>> to buy another one - ever.
- Wayne ZLv 73 years ago
There is no legal limit.
I closed on my new home while I still owned my old one.
Friends of mine sold their old home on a Tuesday and bought their new home on a Thursday of the same week.
- Anonymous3 years ago
Forever. One does not have to buy another home after selling one.
If you're referring to avoiding capital gains tax, that law went bye-bye in 1987.