All Forum Posts by: Tom Gimer

In your scenario you're the buyer. Your broker is earning a co-op commission ultimately paid by the seller, right? 

I say enjoy your success, and theirs. 

Every transaction is different. Fees/commission models are based on the average deal. In the title business, when we close an "easy" deal our client doesn't get a discount. That's because they are sure to bring a nightmare deal or two to offset it.

A common way of dealing with minor encroachments is to sell the strip of land that is involved to the neighbor. Costs: survey, deed prep, recording

I think you’d be surprised how many investors would say “don’t!” Getting licensed creates a whole new set of rules you need to play by. That said, it really depends what you intend to do in real estate. Having MLS access for research plus an agent to assist with the resale of renovated properties are two major reasons to have a licensee involved. Good luck!

Based on that language, there would be no contingency on the buyer side. You could have figured out the amount that would be the seller’s closing costs before making your offer. Seller is expecting to net the contract price. As to that language, here’s an example of how it could come into play... It turns out there is a $1000 water bill outstanding. Clearly that would fall on the seller side. The seller could elect to proceed to settlement and pay that bill, or they could void the sale.

@Steve Vaughan I agree with you on several points but fyi if an individual transfers a property from himself/herself to his/her single member LLC, the LLC would still meet the definition of "insured" under the standard ALTA owners policy. In other words, it shouldn't affect title insurance... similar to transferring to a trust for estate planning purposes. And the same goes for multiple owners who transfer from themselves to an LLC they own -- provided their membership interests are identical to their original ownership percentages.

Based on the lack of activity in this particular forum, it would appear there is nothing going on in DC. Can't be true.

Perhaps you're posting your questions/issues in another forum. Where would that be?  

First and best option, get a specific power of attorney prepared by title/attorney and pre-approved by lender. 

Second option would be to sign personally while out of the country.  Depending on where you'll be you may not have access to a notary. If so, the process requires an additional authentication. This of course is all happening while the lender wants the original, signed Note in its hands immediately. Add several days (or hundreds of dollars, or both) to get the loan package back to title. Nobody is happy -- funds may not disburse until this is all complete. With Realtors involved this gets to be even more fun. ;)

The "legal owner" was the owner of record... the one shown in the land records... the one you contracted with.

I would stop talking and let buyer, seller and title company sort it out. Any claim would seem to be against the "seller".

Read your contract closely, with a real estate attorney if necessary. 

Did you have any inspection or due diligence rights? 

What specifically did the contract say about the deposit and how it could be forfeited or released?

Most people aren’t going to fight it out in court over $1000... especially if they have failed to follow contract terms. Sometimes all it takes is a demand letter. 

You’ll only need a lawyer if they actually file suit. 

No reasonable attorney would file suit based on the facts you’ve provided. (There has been no suggestion that you failed to disclose latent defects.)

This is a bigger problem for the buyer’s broker. If the property wasn’t acceptable at the walk through, they should not have closed. 

Sounds like somebody just wanted their commission.