NickBCV
Mouseketeer
- Joined
- Sep 13, 2016
A couple of questions that I need help with since we are in the process of selling and buying points:
1) As a seller of BCV points, we signed our closing documents ten days ago but the buyers have yet to send in their final payment or sign their closing docs. The contract states we will close in 60 days after contract is executed which for the sellers was 5/26. I assume if the sellers do not sign by then they would forfeit the deposit of $2,500, although not much of that comes to us as the broker commission is paid first. But does the broker get paid twice if we have to relist the contract?
2) We are buying a small VGF contract that we were hoping to use funds from the closing above to pay for....not a big deal as we could cover the cost from other means but we were buying with the idea that we were selling 250 points above. If the contract above does not sell, we have way too many points. The VGF contract has already passed ROFR...I assume there is no getting out of this contract now without losing our deposit correct?
Thanks all.
1) As a seller of BCV points, we signed our closing documents ten days ago but the buyers have yet to send in their final payment or sign their closing docs. The contract states we will close in 60 days after contract is executed which for the sellers was 5/26. I assume if the sellers do not sign by then they would forfeit the deposit of $2,500, although not much of that comes to us as the broker commission is paid first. But does the broker get paid twice if we have to relist the contract?
2) We are buying a small VGF contract that we were hoping to use funds from the closing above to pay for....not a big deal as we could cover the cost from other means but we were buying with the idea that we were selling 250 points above. If the contract above does not sell, we have way too many points. The VGF contract has already passed ROFR...I assume there is no getting out of this contract now without losing our deposit correct?
Thanks all.