More Paperwork - Mortgage Etc.

This deal is seller financing for one year.  That gives me the deal at 10% down which allows me to use the other 10% towards immediate maintenance needs, including a new roof for one property.

As previously mentioned, we are responsible for providing the mortgage, subject to approval by the seller and the title company.  Enter my lawyer... who I usually like just fine.

The first mortgage was 26 pages long, required 100% replacement value insurance on these deteriorated properties and gave more rights to the mortagee than the BANK usually takes, including a clause that if I am three days late, I am in default.  Sigh.  And I paid for this.  Plus, it was so obviously boiler plate that there was one paragraph that had a different party's name in it. The scary part is that I almost just forwarded it, figuring he's our lawyer, it should be ok.

Sent it back, pointing out the obvious flaws above and that I thought perhaps it being comprehensible to a mere mortal might be an improvement.  I received it back from the lawyer the following day and it had entire pages removed plus I can comprehend what is left.  The insurance clause, while better, still vastly exceeds any reasonable expectation of what insurance would be provided, including saying we would provide broad form coverage (we will) and it would include flood protection (it won't).  So I just deleted everything after "will provide broad form coverage" up to "will provide liability insurance." Did I mention, I paid for this?

I am also providing a personal guarantee which includes "mortagee can change anything at anytime" or words to that effect.  Really?  The whole thing has been a lesson in reading all the documents and quite possibly a lesson in finding a different attorney.

Meanwhile, the closing date is next week and the seller still gets 5 days to review the docs then the title company must approve.  It's going to be an interesting week.