It used to be called HUD 1. Now that name is used only if it's a cash transaction. Today it's called a CD for Closing Documents, and there is the ALTA Settlement Statement. Does it matter what you call the final documents?
My sellers went to the title company today to pre-sign. The buyers will go in on Monday to do the final signing. So we only did half of the settlement.
Since there is a post-occupancy in place, this is working out very well. The buyers won the bid by allowing the sellers to stay for three weeks until their new home is … (23 comments)
Post-closing occupancy, post-settlement, rent back, no matter what you call it, there are situations when the seller needs to stay in their home after the final closing date takes place. Make these arrangements during initial negotiating. Buyers must agree, and a formal contract or addenda needs to be in place. Post occupancy details: when does the agreement start? Is there a charge to stay? Was this negotiated at the time of the contract? Is there a security deposit? A few years ago, selling the farm, the sellers were allowed to keep possession for a month to coordinate an out of state move. During … (21 comments)
rent back: Yes I Remember
- 06/13/17 06:49 PM
Today, I recognized a client from years ago and I went over to him and said my name. He knew me but had no idea that I remembered him. He was actually surprised and reminded me that he purchased 19 years ago. Ha...I described the house he bought, the first home I showed him, the seller he bought from and the unique way we handled an unwanted rent back. It was one of my favorite examples of negotiating. I even remembered his ex girlfriend's name and a sale for his special aunt. When people are important they leave a lasting impression. My houses leave … (34 comments)
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