Posted by Brent_IL on September 14, 2003 at 19:36:18:
Since you are using your lawyer as the closing agent, make out one check for the full amount payable to his law firm. He will cut the checks to the seller and the lien holders. If your guy is willing to go to $150K, I?d take it. You might need your money for overruns.
Chattel is an old French word that has been adopted by the English legal system to mean personal property that is movable. It can refer to mobile homes because they are not attached to the land, and ownership doesn?t revert to the landowner that way that improvements do. It sometimes means real estate interests that are less than fee, e.g., leases or mortgage liens. When you see it in a contract, just think of it as personal property.
If the couple of cool forms that you intend to use are adequate and you study the first one or two, you?ll be able to do much of the work yourself. When it is only you and the seller, the forms are straight forward. Someone still has to take care of title insurance. I let the title insurance companies close the simple ones where the seller is out of the picture after closing. If there is any post-sale involvement by the seller, and there usually is, or if any other players are involved, I close in the office of my attorney. It?s written into the purchase contract. It is one of those things that the more you do, the cheaper the fees get.
Regardless of who does the settlement, it is imperative that you read all of the closing documents yourself. There are times when items and clauses that were intended to be cut-and-pasted are not. Sometimes items are omitted by design. You need to be sure that the documentation reflects your true intentions. No one else can do that unless they are well trained in your methods.