Standard Fannie Mae language in short sales and REO sales, it shouldn't have been a surprise as it's common knowledge, and was spelled out in the Aprroval Letter.  

Very helpful, thank you so much for taking the time to spell it out so clearly. 

@Wayne Brooks, the earnest money is not spelled out in days, I posted the exact language above.  

Then read the fine prints on the proposal, where they specify the time range of completion and spell out what happens if they don't meet the deadline.

For instance if you place properties in a LLC and for example if a tenant sues you for some reason it will give you a layer of protection.Also when you set up a LLC with an attorney you can spell out all of the equity and ownership percentages so when tax time comes it will be easy for your accountant to hand out K-1 to those involved.

If you respell the name gaylen and spell galyen.com you get an atty!

Hi,I'm about to get a purchase agreement on a house that I plan on assigning and I'm not clear on what i should disclose to the seller, if I need an attorney, where to put the escrow check...can someone spell out the next steps for me.

Would the contract spell those details out?

In my state, in every contact, it spells out relationships between principal and agent/broker.  

Thanks for the spelling it out for me in digestable bits Dave.