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#458484 - 07/20/17 06:10 AM Should Co-Signers Have Separate Rep Contracts?
IaStavig Offline
Junior Member

Registered: 07/20/17
Posts: 1
Loc: Minnesota
I was representing a pre qualified buyer and he signed a contract, I found him a house and he made and offer, it turned out that he wasn't actually qualified but he could be with a co-signer. So his daughter agreed to co-sign. Should I give her a separate buyer rep contract? If so, should I fill the commission section of the contract or no, because I already have the father's contract to pay (or be paid by the seller)?


My other questions is: Now there are two "buyers" on a PA so I need a new PA, but the inspection has already happened, and repairs were made, should I leave the inspection provisions blank on the new PA?

Thanks!

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#458489 - 07/20/17 09:16 AM Re: Should Co-Signers Have Separate Rep Contracts? [Re: IaStavig]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
I wouldn't over-think this; I would amend all of the already existing documents by having the Daughter sign them, after the fact, and date them in the present. Then have the Seller initial the changes (unless s/he has an objection) . . . . meaning the simple addition of a 2nd Buyer.

But you're in Minnesota and I'm in Vermont.

What does your Broker say ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458496 - 07/21/17 01:12 AM Re: Should Co-Signers Have Separate Rep Contracts? [Re: IaStavig]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
What does the lender say? Usually, all of the borrowers have to be on the contract and on the deed to satisfy the underwriter.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#458506 - 07/22/17 11:02 AM Re: Should Co-Signers Have Separate Rep Contracts? [Re: IaStavig]
JohnN Offline
Member

Registered: 11/21/13
Posts: 228
Loc: Minnesota
I just closed a sale, I was the listing agent here in MN, and we amended the contract with a simple Amendment adding a second party,the buyers wife, to the contract.
I think the bank will be more concerned that she's on all the mortgage documents then whether or not she signed the LBP addendum. YMMV

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