pilot76180 51 Report post Posted January 29, 2004 Our company does co-op L/P only. We have sent a copy of the contracts to the mortgage company that we're going to use. One change that we've made already is where the option states that the "buyer will pay all closing costs." We've changed to "buyer will pay all allowable closing costs." Because VA and FHA require the seller to pay certain costs. Well, the mortgage company would like to see something more along the lines of what is in the TREC (TExas) forms which states "seller will pay up to $___ in closing costs." ANyway, I guess we'll work on that. The other thing that they seem to be concerened about is that the option states that the T/B is paying the seller the option fee to apply to the purchase price. But then the Assignment states that the option fee is going to us. So they are trying to figure out how to make it sound like it is really going to the price of the property. I'm sure that after a few hours and several hundred dollars with the attorney that all will be figured out. I just wondered what you all had encountered.Thanks! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 29, 2004 The other thing that they seem to be concerened about is that the option states that the T/B is paying the seller the option fee to apply to the purchase price. But then the Assignment states that the option fee is going to us. So they are trying to figure out how to make it sound like it is really going to the price of the property.How is it done when a Realtor is due their $18,000 commission check? What's the difference? The homeowner isn't receiving that money, either. Seems like they are nitpicking.I'm sure that after a few hours and several hundred dollars with the attorney that all will be figured out.Ah, yes. When wondering why, always look for the money angle. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted January 29, 2004 I like what I think Adam(MI) stated. He retains his attorney and pays him $200 per contract to avoid problems. I think I may look at something like that. We are looking at expanding soon and it is well worth it to me to make sure the ship is tight before we sink. Share this post Link to post Share on other sites
pinkerton 0 Report post Posted February 4, 2004 Nothing like a lawyer on retainer. (Well, actually, there are a lot of things much better than a lawyer on retainer. But since this Forum is Rated "G" I can't go into all that. ) Seriously folks, this issue could be delt with by the razor sharp computer of a lawyer. What appears to be inconsistent between the assignment and the option could be word-smithed to be consistent. Mike P. The Legal Eagle Share this post Link to post Share on other sites
-Tony- 0 Report post Posted February 4, 2004 Mike, Nothing like a lawyer on retainer. I always heard it as Nothing like a lawyer on the end of a rope. ... ... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 4, 2004 Nothing like a lawyer on retainer. (Well, actually, there are a lot of things much better than a lawyer on retainer. But since this Forum is Rated "G" I can't go into all that. )I always heard it as Nothing like a lawyer on the end of a rope. ... ... Huh. I wake up this morning to find the boys running amok while the taskmaster is getting his beauty rest. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted February 4, 2004 Geese, old people what are you doing at 6:28 am posting. My motto is in bed by 2am up by 7am stupid teacher conferences Share this post Link to post Share on other sites
