Posted by John Corey on March 07, 2006 at 02:46:40:
‘now understand’ should have been ‘not understand’
I really do have an issue with an attorney who does not know how to translate their client’s stated goals into a written contract. Contract skills is core to being a RE lawyer.
John Corey
need help w/language to structure no $ dn deal - Posted by khadijah
Posted by khadijah on March 06, 2006 at 19:35:17:
Puchse price is $848,000 (appraises at 1.1 million) sellers will not give any concession for fix up or decorating expense even the house could use it… but if structured right (politically correct) the sellers “advisors” will allow payment of closing cost out of the deal (which will amount to about 20K) - which would make our real offer about $828,000.00
writing the deal for about $848,000.00 also needing additional language to include $25,000 fee for the attorney who is overseeing the deal but that will come out of the sellers portion of the deal which would be cheaper than using a real estate agent.
Could anyone help with the language for the purchase agreement. Thank you.
Re: need help w/language to structure no $ dn deal - Posted by James Harris
Posted by James Harris on March 06, 2006 at 21:01:45:
Let the attorney do the paperwork, so you won’t have to worry with it. Let your attorney look at it also.
Re: need help w/language to structure no $ dn deal - Posted by khadijah
Posted by khadijah on March 06, 2006 at 22:48:57:
although my attorney is a real estate attorney/ real estate investor and understands creative financing, she does not know how to properly write it, and doesn’t have the time to look it up which is why i am asking for support in this forum.
Re: need help w/language to structure no $ dn deal - Posted by John Corey
Posted by John Corey on March 07, 2006 at 02:42:05:
Find another attorney as what you are asking is rather basic and if the attorney does not know what to say that is very scary. What else does she now understand or is too lazy to research?
You can offer $X with all closing costs paid for by the seller. That would cover the items you mentioned. This is not to say that you could not do a better deal, etc. Just that you can make your offer for $X and have the seller pay the closing if that is what you negotiated.
Assume some lenders will have issues if the seller pays more than a specific percentage towards the closing costs. They also might have an issue with specific closing costs being paid (some allow non-recurring but not costs that will occur again in the future - HOA fees, interest pre-pay, etc).
John Corey