That way a servicer is crossing all the t's and dotting all the i's on applying payments to the balance and doing end of year statements and communicating with the borrower in the ways outlined in the law.If you're an entity, you can do 3 such seller finance deals with no LMO requirement, but you are required to do an ability to repay verification.All of this is clearly spelled out in the Consumer Finance Protection Bureau's ruling and letters on this issue.

With the advent of 'text', no one seem to bother about correct spelling anymore.Brandon I also completely agree with you.

Don't worry, it's not your fault that your name is spelled wrong.You make another great point here.

This is why permissions are spelled out in agreements.The poster Chad is from California with what I hear is a very tenant friendly state and it can take a long time to get them out.

If you do not understand all the wording it might be worth it to throw a hundred at an attorney to review in the morning with options incase the seller does not pull through.The contract usually spells out what will happen in the event of a default.

(and that too is all disclosed and explained)As part of the standard paperwork there are "agency disclosures" which spell out the various relationships, and you should have received that along with the offer.

Still this will be my first flip and the first time using family money so we want to make sure everyone is covered and all the responsibilities are spelled out.Does anyone have a recommendation for a Houston real estate attorney who could advise us and draw up the paperwork?

I have many spreadsheets spelled out with my EXACTS on everything..

Having gone through a business deal gone bad with a friend I would just advise to make sure you CLEARLY spell out everything, including who is going to do what, what the ownership interest and voting rights are, who makes decisions and what things require a vote.

I'm pretty sure it will be on your closing statement in escrow where it spells out all the costs and credits and debits to buyer and seller.