Month: November 2014

Why Sellers Pay Settlement Charges at Closing

Question: I am the listing agent and my seller doesn’t think he has to pay any attorney fees and costs at closing.  Is this correct? Answer/Recommendation: Many sellers do not realize they may have to pay some fees and costs at closing.  A good seller’s agent will point out to their seller, at the outset of the listing agreement, that they may have to pay some fees and costs at closing. It i ...[Read More]

How to List Buyers of HUD Owned Properties

Question: My client wants to purchase a “HUD-owned” property, but he’s not sure how to fill out the owner portion of the contract.  Any recommendations? Answer/Recommendation: In our HUD closings, HUD has been pretty consistent that the information on the Cash Sale/Deed must match the information provided by the buyer on the HUD contract. To briefly explain what takes place between HUD ...[Read More]

How to Amend Neighborhood Restrictive Covenants

Question: My client really likes a neighborhood, but the restrictive covenants prohibit a work shed in the back yard.  What should we do? Answer/Recommendation: The first step is to review the restrictive covenants of the neighborhood to determine what is required to obtain an amendment. According to Louisiana Civil Code Article 780, restrictive covenants shall be amended in accordance with the pr ...[Read More]

Prohibition Regarding Negotiating Offers While Under Contract

Question: My seller is currently under contract but wants to negotiate other offers in case the contract falls through.  What do I tell my seller? Answer/Recommendation: It is imperative the Seller understands that negotiating two offers at the same time could result in two contracts on the same property.  In very complex legal terminology, “this would be bad.”  (Poor attempt at humor, ...[Read More]