You absolutely must observe corporate formalities, like separate bank accounts, etc.  

So I received my weekly mail this morning through that convenient slot in my door and curiosity made me go pick up that envelope and in that formal letterhead I saw the utilities' company's name in bold letters.  

I have no formal partners rather informal people I call partners like banks, contractors and accountants.

Unless the Mortgagee allows a formal assumption of the loan, that will be the case.

To not do so is a formal invitation for a lawsuit.

Talked to a PE today who thought the biggest structural issue would be several thousand to repair, but haven't paid him yet for a formal report.

From his podcast I gathered the following:Two years experience in RE and lending.Took a 23 hour course and obtained his license to originate.No prior finance or banking knowledge.He is not a loan underwriter in the conventional sense with loan authority.No experience in financial compliance.No legal background in any formal setting, ie, court, legal interpretations.No formal education in lending or finance, no college class and no degree.None of this makes Grant a bad guy, he's just new and IMO very entrepreneurial (a good thing).

Andy Lambert I for one just form all my LLC's in Delaware.

Oh, and it has a new roof ;-) That was a priority since there were so many leaks in the roof.They have started some framing and we have agreed on the SOW which includes knocking down the main wall between the formal living room and the family room.

The option contract does not give you the full bundle of rights in title to the real property until you exercise the option and become the formal owner in title.