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hi,
i'm purchasing a sfh from an owner directly.....the price is 350k and there are no agents or any loan involved.
we are meeting next week at a title company that the seller recommended (they know each other) and drafting a contract that basically will say that everything will be in cash and the seller will pay 'upto' 10k in closings (even though i know there wont' be anywhere near 10k in closing. more like 3.5k)
anyway, the lawyer who will draft the contract is a friend of the seller....so i just wanted to ask you guys if there is ANYTHING i should watch out for.......u know....in order to not get the short end of the stick. you know how some lawyers are!
I'd highly recommend getting your own attorney. If there is one thing I have learned from past experiences (had a home in FL and they use Title co.) is to have someone look out for your interest. It is the best money you will ever spend. Title co. messed up the home paperwork that I sold in FL and I went and got an attorney to fix it. That way you know for sure it is done properly. Good luck on your new home.
Yes. If the attorney is representing the seller (as opposed to working for the title company), you need to know that you need to pay an attorney of your own to review the contract before you sign it.
the seller will pay 'up to' 10k in closings (even though i know there wont' be anywhere near 10k in closing. more like 3.5k
Do you have a good faith estimate ? Several expenses may be optional like a survey, home warranty and more .... money you can spend to benefit you that would be covered by the seller. Can you use the balance toward repairs ? You are doing an inspection with the right to terminate ?
Get the title company to put together an estimated closing statement.
Do you have a good faith estimate ? Several expenses may be optional like a survey, home warranty and more .... money you can spend to benefit you that would be covered by the seller. Can you use the balance toward repairs ? You are doing an inspection with the right to terminate ?
Get the title company to put together an estimated closing statement.
yes, i've gotten an estimate and including taxes, title insurance, etc., it's about 3.5k.
must i do a termite inspection if i plan on demolishing the house and building a new one?
if they do find termites, should i walk away from the deal? should that be stated in the contract?
yes, I've gotten an estimate and including taxes, title insurance, etc., it's about 3.5k.
must i do a termite inspection if i plan on demolishing the house and building a new one?
if they do find termites, should i walk away from the deal? should that be stated in the contract?
No need to do inspections, termite or other if you plan on bulldozing. I would still want a survey of the land.
Is there any zoning or historical restrictions that would prevent or make it tough to build new ? Make sure there is no old septic or cistern system if this would affect your new home.
You're already getting the short end of the stick. The seller agreed to pay up to $10,000 in closing costs and they will only be 3500. If you don't understand what that is giving you the short end of the stick...hire an attorney.
hi,
i'm purchasing a sfh from an owner directly.....the price is 350k and there are no agents or any loan involved.
we are meeting next week at a title company that the seller recommended (they know each other) and drafting a contract that basically will say that everything will be in cash and the seller will pay 'upto' 10k in closings (even though i know there wont' be anywhere near 10k in closing. more like 3.5k)
anyway, the lawyer who will draft the contract is a friend of the seller....so i just wanted to ask you guys if there is ANYTHING i should watch out for.......u know....in order to not get the short end of the stick. you know how some lawyers are!
Others have said it, I'm going to re-emphasize it: Retain a RE attorney to look after 'Your' best interests. We're not talking $35k here, but $350k! Though regardless of dollar amount you should have an attorney reviewing the contract to ensure it's in your best interest and every "I" is dotted and "T" is crossed. Right now the main players are friends of the seller - and like you said, "you know how some lawyers are'. Yes we DO know how some lawyers are and why you need one who is looking after YOU and your $350k. You wouldn't be paying for an attorney to draft the contract, but rather review it - so please, I've just heard of too many cases like this where the buyer got totally screwed. Just spend a few bucks on a RE attorney to review the contract, which could save you big bucks down the line.
thanks for the replies....what "sort of things" can result from the lawyer having the interest of the seller in mind? what stuff that someone who reads and understands english can not detect as being "unfair"?
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