Hi All,
I am currently in a situation where I want to purchase a property privately and the vendor has offered to give me cash back on the deal. Basically I will pay him $20,000 more on the mortage and he will give that cash back. I obviously want to cover myself against getting scammed in any way so I wondered if anyone had any input on the topic. Can I get my closing lawyer to draft up a contract completely separate and external to the deal (ie. the bank does not know about) that the vendor is going to give me the cash back after closing, or will a lawyer have reservations about doing that?
Are there standard contracts out there somewhere for this type of agreement?
Is there a better way of doing this?
Thanks in advance,
Chris
I am currently in a situation where I want to purchase a property privately and the vendor has offered to give me cash back on the deal. Basically I will pay him $20,000 more on the mortage and he will give that cash back. I obviously want to cover myself against getting scammed in any way so I wondered if anyone had any input on the topic. Can I get my closing lawyer to draft up a contract completely separate and external to the deal (ie. the bank does not know about) that the vendor is going to give me the cash back after closing, or will a lawyer have reservations about doing that?
Are there standard contracts out there somewhere for this type of agreement?
Is there a better way of doing this?
Thanks in advance,
Chris