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# Entrepreneur of the Week # Post 3 Rent To Own / Lease Option So following the depressing post from yesterday, I…

# Entrepreneur of the Week # Post 3 Rent To Own / Lease Option So following the depressing post from yesterday, I am going to reveal to you two methods that gave me a solution to all the problems we mentioned. Two methods that help to get the sting out of the deal, are similar but very different and are suitable for different types of assets in different situations. In this post we will talk about the first method rent to own…

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  1. The traditional closing costs are different in each state. In Florida, the seller pays for title work. (Please refer to your other Florida settlement closing statements.) You did not pay for the title insurance or search fee in any of your purchases as a buyer. The seller paid for it.)
    Closing costs are negotiable, just as a buyer may ask you to pay his or her closing costs. You can always say no. Just like when a contract comes in on your house, you could put the title back on their site. Although, it would probably make the buyer very angry because it is the seller's responsibility to provide the buyer with a good marketable title and a title insurance policy. There is a policy the buyer is responsible for purchasing and it is called Simultaneous Issue, that policy protects any equity in the house as far as down payments etc. and is issued “simultaneously” with the owner's policy.
    I know there was talk within the industry about making typical buyer / seller closing costs the same across the US, but it didn't happen.
    As far as the survey, a buyer might accept the original survey. However, it is the title insurance company's call if they will accept it. The buyer's underwriter also has a say. If the survey is not too old and if it shows all additions (pools, Florida rooms etc. the title company might accept the original survey. The underwriter also has a say. The buyer will not pay for a survey on a house they don If a deal falls through, the seller owns the new survey on their home, because they still own the home. In the event something happens at the last minute, (the buyer dies, looses his job etc) The surveyor wants to get paid for his work.I believe that's why the seller pays for the survey.The survey is done while the seller still owns the house, not after closing. Now, with a cash sale, the buyer pays for a survey if he wants one. There is no loan underwriter involved with the sale either.
    You may put any of your closing costs back on the buyer's side, your investment group right about that. But for them to say it's a "buyer's closing cost, they're wrong."
    In my 22 years of real estate I only had 1 seller put the title back on the buyer's side and he was a builder. (I recall the buyer being furious, because the price of the house had already been verbally negotiated.)

  2. The first section is unfamiliar to me, but in our case the teitel falls on the seller. Everything else looked good. The lawyer is the Escobar that we share in equal share buying and selling. Sankhan commission falls on the seller and registration in the Land Registry also half and half.