Giving partial escrow payment to Seller, Is this ok?
I know many say to not do this for many reasons, but is it ok to give part of the escrow payment to the Seller and have most of the remaining amount in escrow, just to help the seller have some cash in hand now while they wait for their home to close and to show them that I really want to help them.? Of course i'll have them sign a receipt and make a copy to give to the Title Co.
I also have a early termination penalty clause for me and the buyer if either one of us cancels the deal early, Is that fair?, and can someone check my contract for me to know if I need to change anything? i know many here are not attorneys and that i should pay one to get my contract checked, but i don't have the money so I figure maybe those who do deals in Texas wouldn't mind helping me out by seeing if there's something I need to change or add.
Thanks so much again, guys
Seller / Buyer Termination Of Contract Addendum
(regards clauses 7 & 8 of the Purchase contract)
Sure, it's your money and presumably you know the risk. I wouldn't think twice about giving the seller $10 and putting the other $10 in escrow with the title company.
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