<Steve> 82 Report post Posted January 6, 2012 Happy New Year everybody. I have a SLO going to close and will be doing a release so the t/b can purchase directly from the seller. A new state law requires that I have a recorded Memo between me and the t/b as well as the seller. I am wondering if I should go ahead and do the release paper work with the t/b and maybe record the release or just wait and see what the closing attorney discovers and says? Thanks for any thoughts. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 6, 2012 When did this law go info effect? I'm assuming you already have a memo in place between yourself and the homeowner. So what remains, then, is the same between you and the t/b. That said, I see no reason why you shouldn't get that memo in place now so as to be in compliance. Is there a downside to doing so? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 6, 2012 Hey MC- This law went into effect in 2010. Yes, I have a memo recorded with the seller, and I also have a memo recorded with me and the t/b. Everything is in compliance with big brother. I can't think of a down side for closing. I guess this is my first execution of a SLO under the new law and in the past I never had a memo with the t/b. I am going to just leave it and the attorney can contact me if there is any issue. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted January 6, 2012 Happy New Year everybody. I have a SLO going to close and will be doing a release so the t/b can purchase directly from the seller. A new state law requires that I have a recorded Memo between me and the t/b as well as the seller. I am wondering if I should go ahead and do the release paper work with the t/b and maybe record the release or just wait and see what the closing attorney discovers and says? Thanks for any thoughts. Steve, What state? Do you have a reference to the particular law? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 6, 2012 I am going to just leave it and the attorney can contact me if there is any issue. Agreed. Probably the best approach to take. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 6, 2012 Thanks MC Erik, The Home Owner Home Buyer Protection Act in NC. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted January 7, 2012 The memorandum between you and the seller states that you have an option on the property etc. What does the memo between you and the buyer state? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 8, 2012 It states the same word for word except I am the Optionor to the tenant/buyer. Share this post Link to post Share on other sites
