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Jonh,

Many thanks for your reply. I have checked and it is a boilerplate which asset management company is using nationwide including Massachusets and Hawaii. Proceeding with escrow. Almost there.

Thanks again. :D

Greetings all,

Read many of your postings an information. Very usefull site!

I am about to sign a contract on my first REO purchase in CA : - ) Huggled $400k below asking price. Closing in 21 days.

On the contract agreement with the assest service company there is a clause for a ground rent which states" This property may be a subjec tfor a grond rent, the seller will no redeem the grounds"

Can anyone explain the ground rent clause and it's applicability in CA?

Many thanks.