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A simultaneous closing allows a home seller to offer owner financing on a property without having to hold any mortgage. On closing day, the property title is transferred to the buyer and the newly created (owner-financed) mortgage is sold to a note investor for cash, simultaneously.
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
And in many cases, a home seller who reneges on a purchase contract can be sued for breach of contract. A judge could order the seller to sign over a deed and complete the sale anyway. “The ...
If you just sold your house for more than $1 million -- consider yourself very lucky, especially in the current housing market. Indeed, home sales are continuing to be tepid due to a confluence of...
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
Buying a home is one of the major financial decisions you'll make in your life. And it's a moment when using your detective skills is essential. Asking the right questions to home sellers can ...
Exclusive right to sell: The seller must pay the brokerage a commission if, by the expiration date in the listing contract, the real estate is sold, regardless of whether the buyer is obtained through the agency or not. Even if the seller finds the buyer him/herself, a commission is still owed to the brokerage.
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