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if you are making changes to a contract when meeting
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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if you are making changes to a contract when meeting
w/your lawyer---do you have to give him the 10% down at signing or do u wait to see if the sellers accept the new info in the contract before handing over the first 10% (total 20% down)
ETS:so basically we are putting 20% down (10% at signing and 10% at closing).....i want to make changes to the contract.....do we sign and give the first 10% when we make the changes w/our lawyer or do we make the changes, then see if the sellers accept, then sign and give 10%---what is the proper order?
sorry if i repeated myself 2x but this is nerveracking and overwhelming for me!
Message edited 9/2/2008 5:35:46 PM.
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Posted 9/2/08 5:26 PM  |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
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They call me "Tater Salad"
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Re: if you are making changes to a contract when meeting
I'm pretty sure you still give the 10% down. If the seller doesn't sign it, though, they don't deposit the money. We made changes to our contract at signing and still gave a check. The seller accepted them all, anyway, though.
Message edited 9/2/2008 5:30:00 PM.
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| Posted 9/2/08 5:29 PM |
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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Re: if you are making changes to a contract when meeting
one more thing!! do you put money in escrow from the sellers if there is something that may be a problem and you want fixed if you find there to be a problem??? and if there is no problem they get their $$ back.???
sorry if i am confusing everyone!!!
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| Posted 9/2/08 5:33 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: if you are making changes to a contract when meeting
Posted by strongisland
one more thing!! do you put money in escrow from the sellers if there is something that may be a problem and you want fixed if you find there to be a problem??? and if there is no problem they get their $$ back.???
sorry if i am confusing everyone!!!
You mean you found something at inspection that's supposed to be fixed by closing? That'll be spelled out in the contract. Yes, you still put money in escrow, but the contract will spell out exactly what needs to be fixed by closing.
If by closing those things aren't fixed (or there are other damages), then at closing the seller will either have to give you money for the repairs or, more likely, put money in escrow and agree to pay for the repairs to be done within X number of days. If they don't do the repairs in that time, then you keep what they put in escrow. H owever, for repairs that are spelled out in the contract, the seller doesn't escrow anything. The buyer, however, still escrows at contract even if repairs need to be done.
BTW, any and all repairs you agree the seller has to make by closing must be spelled out in the contract!
Message edited 9/2/2008 5:59:22 PM.
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| Posted 9/2/08 5:59 PM |
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DaniF18
LIF Zygote
Member since 5/08 45 total posts
Name:
Daniella
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Re: if you are making changes to a contract when meeting
If there is a problem that needs to be fixed....it needs to be put on the contract and it needs to be repaired prior to closing.....and depending on what the item is....they should provide proof that it was repaired by a licensed repair person or something like that. Then before closing....when u do your walk through....u need to confirm that everything has been repaired. If for some reason it has not been repaired prior to closing....and u still want to close...then yes...you hold $$$ in escrow until its repaired.
Re: the 10% downpayment....u give the full 10% at contract...regardless if they agree to the changes or not...if the sellers choose not to sign....they return the downpayment.
hope this helps!
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| Posted 9/2/08 6:03 PM |
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