Updated almost 16 years ago on . Most recent reply
Legal requirements to split foreclosure profit
Today we met with our title company and they gave us information (Oregon House bill 3630) which requires all sellers consult with an attorney prior to signing any documentation as they are entitled to 50% of the proceeds if the property sells for profit within two(2) years of that sale.
The title company is requiring a signed letter from the seller's attorney stating that they have met with an attorney and that they understand this house bill and all matters regarding the sale.
We looked up the Oregon HB 3630 but did not see a reference to the 50% split but there was a lot of information directing the seller away from working with a short sale investor.
Anyone know about this or have experience with this?
Thanks.