Posted by Bill H on July 26, 2003 at 24:44:55:
Better look at John’s post again…he says if push comes to shove the courts are going to favor the BUYER. If you force the issue and they sue and the courts look favorably to them…I’d give odds that the costs are more than the sharing of the closing costs.
=======>bill
Who determines terms when option is exercised? - Posted by DavidG (OR)
Posted by DavidG (OR) on July 23, 2003 at 20:25:07:
I’m leasing a house to a tenant. I also gave them an
option (to buy). The option agreement doesn’t mention
a lot of details as far as who pays for title insurance,
pro-rated taxes, recording fees, title search, inspection
reports, property transfer tax, etc…
Is there anyone/anything that stops me from making the
buyer pay all those costs?
Is there anyone/anything that stops the buyer from making
me pay all those costs?
David G.
Portland, OR
Re: Who determines terms when option is exercised? - Posted by JHyre in Ohio
Posted by JHyre in Ohio on July 24, 2003 at 05:44:48:
Two approaches: The fair one is that each side pay costs customary to that side. If push comes to shove, contracts are construed against whoever drafted them - meaning buyer has the edge.
John Hyre
The real question is… - Posted by DavidG (OR)
Posted by DavidG (OR) on July 25, 2003 at 21:36:19:
The real question is: can I use MY purchase and sale agreement and
MAKE the buyer pay all of the closing costs? If they don’t agree, I keep the house.
David G.
Re: The real question is… - Posted by jenv
Posted by jenv on July 28, 2003 at 15:41:46:
Why not draft the option to include all terms of sale? Or better yet, draft the option to include the terms of your purchase and sale agreement “by reference”. That way there’s no question as to whether the buyer will be paying all closing costs.