Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

My sister and I are selling my dad' my sister and I are

Customer Question
My sister and I...

My sister and I are selling my dad'

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

My sister and I are selling my dads home in the state of nj. Question regarding the FHA Amendatory Clause and Real Estate Certification. We lowered the price by 5,000 and this form still has not been updated by the lender. They had not received the addendum regarding the reduction of price. I am waiting for the certification to reflect the new purchase price. The lender has not updated the commitment either to reflect this change. I know that all items must be changed and brought up to the most current information. I am waiting for this change before my sister and I sign. The buyer/realtor is telling her atty that the bank wants this signed at the 720,000.Please advise. Thanks

Lawyer's Assistant: Has any paperwork been filed?

As far as?

Submitted: 9 months ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Customer reply replied 9 months ago
the purchase price is 715,000 noq
Answered in 11 minutes by:
9/13/2017
Real Estate Lawyer: Maverick, Lawyer replied 9 months ago
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,428
Experience: 20 years professional experience
Verified

Welcome to Just Answer! My name is***** give me a few minutes to review your inquiry. Thank you for your patience.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Maverick, Lawyer replied 9 months ago

Here is the form that you are speaking of. Note the language in the middle:

Note: The dollar amount to be inserted in the amendatory caluse is the sales price as stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is not required. However, the loan application package must include the original sales contract with the same price as shown on the amendatory clause, along with the revised or amended sales contract.

So, it appears that a new form is not required so long as a copy of the original sales contract [the one including the 720 price and a copy of the amended contract [the one including the 715 price] are both included included in the loan application package.

Did this answer your question?

Please Note:

(1) This information is for educational purposes only and it may not reflect current legal developments for your specific jurisdiction. It is not guaranteed to be correct or complete and you should not act or fail to act based on this information alone. This and all other Just Answer disclaimers also apply to any telephone communications we may have.

(2) Most follow-up questions are answered with in the hour; however, if I am not signed on, please allow up to 24 hours.

(3) When we are done, please assign a feedback rating. Thank you for using Just Answer.

Ask Your Own Real Estate Law Question
Customer reply replied 9 months ago
Well I know as a lender that once the amended contract is received by the bank the commitment and any disclosures necessary to be signed will all reflect the change. They would then sent out the new form reflecting the change.
Real Estate Lawyer: Maverick, Lawyer replied 9 months ago

If you need more comfort on signing the form, you might want to see if putting 715 in the space next to where 720 is written on the form and have everyone initial and date the change. I am not sure what your follow-up question is. Please clarify.

Ask Your Own Real Estate Law Question
Customer reply replied 9 months ago
What I am saying is that a new FHA Amendatory Clause and cert will be generated and sent to the borrower again, once the lender is entering the 715,000 as purchase price. They will be sending this new form to the buyer for signing to update the file.
So we can wait till such time as that all happens? Correct?
Real Estate Lawyer: Maverick, Lawyer replied 9 months ago

Well, I think what I am saying is that the language on the form that I quoted for you above is actually saying the exact opposite. It is saying that a new Amendatory Clause form is NOT required simply because of a price change so long as the loan application package includes the original contract AND the new contract with the 715 price shown. In other words, it is not necessary to wait for a new form and you can legally sign this one.

You may want to call the lender and confirm whether it intends to send over a new form with the 715 price for signature; because it appears that the law does not require that as a prerequisite to signing so long as both the new and old contracts are included in the loan package.

Ask Your Own Real Estate Law Question
Customer reply replied 9 months ago
Thank you for your help
Real Estate Lawyer: Maverick, Lawyer replied 9 months ago

You are welcome. Thank you for using Just Answer.

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Maverick Your Own Question
Maverick
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,428
6,428 Satisfied Customers
Experience: 20 years professional experience

Maverick is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

11,963 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,255 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,104 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,540 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
This is a question for a WA state real estate lawyer: My
Hello. This is a question for a WA state real estate lawyer: My neighborhood has CCRs but the HOA was disbanded many years ago. The CCRs were written in 1963 and amended in 1969 and have not changed s… read more
Ray
Ray
Lawyer
Doctoral Degree
8,104 satisfied customers
Real Estate Broker Investor Disclosure If an LLC has a
Real Estate Broker Investor DisclosureIf an LLC has a Florida Real Estate Broker as one of the owners, and the real estate broker is sending out marketing letters making offers to purchase properties … read more
Michael Bradley
Michael Bradley
JD
1,443 satisfied customers
I am in the process of closing on a FHA Streamline Refinance
Good morning, I am in the process of closing on a FHA Streamline Refinance for my primary home. However, the initial offer the broker offered (to earn my business) is not the same as what is shown on … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,220 satisfied customers
I'm a real estate investor and i'm working with a realtor.
I'm a real estate investor and i'm working with a realtor. She has a house to buy I wanted to buy it on an option to buy contract and flip it to someone else before i even buy the house just do a doub… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,255 satisfied customers
Which trust that a piece of real estate is in does not have
which trust that a piece of real estate is in does not have to pay the taxes on the capital gain.? revocable or irrevocable?… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
We actually don't have a real estate question. It is a
Hi. We actually don't have a real estate question. It is a question on work done on a mobile home. Looking for the right place to go to get my question answered … read more
Michael Bradley
Michael Bradley
JD
1,443 satisfied customers
How do real estate agents charge, and is it different if the
How do real estate agents charge, and is it different if the other party is working through a lawyer?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Is there any restriction if a licensed real estate broker
Is there any restriction if a licensed real estate broker hold an open house on Sunday for a different brokerage company. … read more
Lori
Lori
Juris Doctor
1,587 satisfied customers
My question deals with real estate law. I am a real estate
I am a real estate broker with a client who also has an attorney advising her. … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Are real estate investors allowed to contact list pendens
Are real estate investors allowed to contact list pendens recipients? If not, who is? Is there any legal way to conduct a purchase of the property without breaking any contact law? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,963 satisfied customers
I think a person failed to be honest in a real estate
I think a person failed to be honest in a real estate situation … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Can an attorney in local govenemnt sponsor real estate
Can an attorney in local govenemnt sponsor real estate agents as if he was a real estate broker? … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,878 satisfied customers
In a transaction involving a "gift of real estate" there is
In a transaction involving a "gift of real estate" there is no consideration (it's a gift). If the gift deed is recorded is it protected from third party claims or can it be challenged because there w… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,963 satisfied customers
Real estate Question Can you define “wholesale real estate”
Real estate Question Can you define “wholesale real estate” & “Bandit”sign? Also, are bandit signs legal in Michigan?… read more
LegalGems
LegalGems
Juris Doctorate
12,293 satisfied customers
Need a real estate lawyer in city. I signed a real estate
I signed a real estate contract without my thinking through but would like to cancel the contract. what can I do without getting sued? … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Is an Agreement for the Sale of Commercial Real Estate
Is an Agreement for the Sale of Commercial Real Estate binding if only the Husband signs the Agreement although both the husband and wife are on the deed for the property … read more
Ray
Ray
Lawyer
Doctoral Degree
8,104 satisfied customers
Does a real estate investment fund need a real estate
Does a real estate investment fund need a real estate license to operate? The crowd funding company's real estate broker license was suspended since 11/11/2017 due to several violations that was broug… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Real estate question. NC. Mortgage. Need to know if fha pr
need to know if fha pr va loans will allow for spring water instead of well… read more
N.Brown ESQ
N.Brown ESQ
Juris Doctorate
138 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x