Posted by Brent_IL on August 29, 2003 at 19:55:29:
I think you may get more help on the legal board. Contract law is such that once the parties mutually agree to something that isn’t illegal, it’s difficult to make changes without the other parties’ consent.
You might look into getting written permission to have the contract placed in trust and then assigning the beneficial interest. Or ask the seller to take title in your corporation (assuming that corp. start-ups are inexpensive in your state) and sell the stock to another party. Never insinuate that you intend to sell. Estate planning is always a plausible reason.
Investigate how much the additional costs would be for a double close. There are additional costs, but if you do it the same day, the title insurance binder can be transferred for less cost than a new policy, and the taxes are the same, so usually what you’re paying extra is title company charges and legal fees.
Again, try the legal board.