Monday, May 31, 2010

The bad contract for the buyers!!

I got the contract of The Pencil Factory Condo and it looks bad for the buyer! The seller/sponsor force the buyers pay for seller's lawyer fee ($2000) and the transfer tax either (1.04%). The worse part is he is NOT going to give the buyer MARKETABLE TITLE at closing. Developer is not allow my lawyer to write the request ( Seller will give Buyer the Marketable Title) on the contract at all!! I don't know how other buyers feel about it but me and my lawyer feel very very fishy.....
We trying to do the title search now and make sure I can get the Title Insurance before I sign the contract. Of cause, the developer will NOT pay for any of the title search and insurance.

I hope I can find some people who are having the same issue as me..... Please feel free to email me!
mimiwang33@yahoo.com

Thanks!
Mimi