Expert advice needed? - Posted by Stacey(GA)

Posted by GL - ON on July 31, 2003 at 10:46:37:

Stacey you need a title company or a lawyer, whichever normally handles closings in your area.

If you already have an attorney he should draw up all the documents and make all the arrangements according to your instructions.

You should talk to him or her, and clear up these points.

This is all a normal part of the lawyer’s services. In fact once you are a client you should be able to call and ask questions for free. Even after this deal closes, you should be able to ask questions for free as long as you don’t abuse the privilege.

Expert advice needed? - Posted by Stacey(GA)

Posted by Stacey(GA) on July 31, 2003 at 08:32:10:

Have a seller who’s willing to sell me his house for $100K and give me 15K for repairs at closing. Balance on loan is 96K. I have agreed to give seller $4K. That leaves anything above and beyond being assigned back to me at closing. I’ve drawn up the contract up for $120 to cover my closing costs. My confusion is exactly how to draw up the document for the assignment of funds to give to the closing Attorney. Is it as simple as creating an addendum or assignment letter stating the at closing funds should be distribute as such, Pay of mortgage holder, $4k to seller, and the difference to be assigned to buyer.
Is that how this should be done? I really need some help in this one. This is my first deal of this nature.