Vesting To Be Determined At Close Of Escrow
Will the phrase" Vesting to be determined at close of escrow" work in a bank contract. Does it throw up a red flag or do banks allow it with no questions?
[ Edited by kj_mpa on Date 04/26/2009 ]
it is saying you will tell them at the close table whos name the title will be in
As this person is in hopes of haveing this property sold befor they get to the close table
I am going through this at the very moment. On almost all NC contact to purchase forms there is a line for defining the title holder. For some sellers, the phrase "as determined by buyer" or simply "per buyer" worked for us in the past. REO, HUD, trustee, and some wholesale dealers require explicit identification at contract lately. And the "buyer" can no longer be X, LLC or assigns, but must be x for almost every institutional seller. Here (in NC) they (some REO at least) require offers with entity (e.g. LLC) credentials from the secretary of state.