So I am selling a house to a buddy of mine and due to my mistake signed a real estate agent contract for 6 months. They would not cancel it at all but finally agreed to drop agent fee down to 3% from 4%. (Key info)Also in revised contract I had them add language in there saying upon closing I'm no longer in liability and they are not due any further commission and no further action will be taken from the real estate agency.
I'm selling the house for under value to my buddy to help save $$ from agent fee. I'm selling house for 300k but will only be selling house under contract for 200k with real estate agency. Buddy will give me 100k on side, he is paying all in cash. I still owe 260k in loan so I know I will need the difference at closing. I will need his cash prior to have enough to do so. Once he give me that 100k what do I need to do to make sure I'm legally alright to deposit to pay and proceed. Or is there a better way to handle this?
Any advice would be great thanks
Submitted April 01, 2017 at 08:04AM by Krazi3m3 http://ift.tt/2nq26ZQ
