[Dimm]

Question for real estate proffesionals...

I am selling equipment for a house that is due to close in the next 2 weeks in Dec. (this year)

Payment is suppose to come from the title company/escrow after the deal is closed (which I agreed to), however they need said quipment installed now (before closing) in order to make the home compliant to pass inspection.

My question is this: ... Do i have to do anything on my end to protect this sale, ie: mechanics lien? in case the home sale doent go through for some reason? Or what other paperwork should i include?

[forestgump99]

Seems like the deal is put in the equipment, so that it will pass inspection and they'll pay you after it closes, but if you put in the equipment and/or the sale doesn't go through, it fails to mention payment of the equipment in case it doesn't go through, perhaps the downpayment can be used as liquidated danages.

[Dimm]

Originally Posted by forestgump99

Seems like the deal is put in the equipment, so that it will pass inspection and they'll pay you after it closes, but if you put in the equipment and/or the sale doesn't go through, it fails to mention payment of the equipment in case it doesn't go through, perhaps the downpayment can be used as liquidated danages.

So what should i do, a contract of some sort?

[olecapt]

Originally Posted by Dimm

So what should i do, a contract of some sort?

First reply is don't install stuff until you know how it works.

In general you can slap a mechanics lien on if it does not close and you are not paid. Eventually someone will pay you when it sells.

The rub with this stuff is if you get too upfront the lender turns down the deal.

If you trust whoever you are working with let it ride and use a mechanics lien if not happy with the outcome.

Next time gets this all straight upfront...