Re: all CASH and use HIS attorney? - Posted by JPiper
Posted by JPiper on February 28, 2001 at 18:46:13:
I wouldn’t be concerned if the buyer wanted to use his own attorney for the closing. But that’s me.
I don’t know your level of experience…so here’s what I would caution. First, make sure you know what the contract says. You don’t want to get your property hung up for a while on a cash deal where the guy doesn’t have cash, and is just trying to assign it. You might want to insert a clause requiring verification of the cash in your contract. If you don’t know how to do that, get your attorney to add this clause for you in a counter offer. It shouldn’t cost you much…let’s say $50-$100 tops. Require him to give you a copy of his bank account if that’s where the cash is coming from, or a copy of whereever else it may be coming from.
Now if this cash happens to be a loan…get a letter of preapproval. Look to see what the conditions of final approval are. Make sure your contract has a number of days for the buyer to provide this letter, or verification of the cash.
If you’re uncertain about the closing procedures, especially with another attorney handling them, get your attorney to attend with you to make certain the everything is in order. Again, it should cost much…a closing on your part shouldn’t take over a few minutes tops…so you’re not using much of the attorney’s time.