Posted by frank on July 20, 2001 at 12:05:22:
Ed
I understand your response and thank you. In March and February of this year there were several posts idicating that when doing an assignment you should get
“seller’s release of liability” and this is where I am confused. Why? How is it worded?
Regards
Frank
Need help with a form - Posted by frank
Posted by frank on July 19, 2001 at 13:49:35:
Please share with me the form you use to get “release of liability” when flipping houses. I refer to seller releasing me from liability. This site often refers to this release but I don’t recall ever seeing a form posted.
Regards
Frank
Re: Need help with a form - Posted by Stacy (AZ)
Posted by Stacy (AZ) on July 20, 2001 at 13:09:08:
Hi Frank-
Go to Bill Bronchick’s site where there’s a form you can use. Look at the bottom of the form, where the seller signs, and you’ll see the release clause. Here’s a link to the .pdf file:
http://www.legalwiz.com/forms/assignment.pdf
Stacy
Re: about this mix up. - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on July 19, 2001 at 21:30:00:
Generally “release of liability” that is discussed in the flipping situation is from the Lender. Usually this requires a credit check and often a complete loan application just as if the buyer were purchasing using a new loan. Lenders regularly charge a one point (one % of the loan amount) for this service, sometimes more.
The way to keep from assuming the liability from the seller is to simply not assume it. It sounds too simple, but when you purchase “subject to” the existing financing, you assume NO liability for that loan. You do not have any liability going in, so do not assume any; and you never will have it.
Re: Need help with a form - Posted by frank
Posted by frank on July 20, 2001 at 15:28:26:
Stacy(AZ) Many thanks for the form.
Regards
Frank