Did you sign a contract with the showing agent? Did she/he follow up with contact with you? I don't think just because you went to an open house without an agent in tow, the showing agent automatically gets the commission. We found our house through an open house without an agent. But we weren't decided on the house at first. After looking at a few more, we got an agent and went back to see the house again with her. Our buyer agent showed us the house a second time and we decided to make an offer. The showing agent made a few comments apparently to our agent about sharing the commission but our agent dismissed her. The showing agent never called or otherwise contacted us about her services or even that particular house. She never pursued a relationship - in other words, you need to do a lot more than be on the premise when a couple sees a house.

The reason to do the paperwork correctly is that you never know what will happen. You want to be certain that there is an appropriate deed of trust showing that $$ are owed to you and the amount of the monthly payment. If anything happens to him you are still entitled to be paid. You want to be sure the grant deed you give your son gives him good title. You want proof of insurance so that if the house burns down--all is not lost. Also there is paperwork which will help him get a lower property tax rate because of the parent child transfer--I'll bet thats not in your book. A book on real estate is not going to help any more than my reading a good book on family counseling would help solve a family problem. You certainly don't need a real estate agent. You already have a buyer, and agents have no business writing contracts other than listing agreements and escrow instructions. You need documents prepared to reflect the terms of the loan (including on what terms that loan can be transferred) An attorney will suggest things to think about: what happens if you die or if you need the money to pay for expensive medical care? If your son dies who would take over the house --do you want the loan to be as generous with that person? Have you made the loan one which cannot be sold? Is the loan so generous that the IRS could consider it a gift? This should not be a long chat with an attorney, and you only need a few documents drawn up. Some lawyers charge a set fee to do it. Call and ask. A termite report is not a requirement and I would bet your son knows what the property's problems are --I would guess he knows the property well. One reason attorneys are not overly enthused about projects like this has nothing to do with the money. Its because with family transfers there can be more problems.

No! Before we left town DH gave them most of the substantial completion payment, but there is still a chunk remaining. And then we have a much bigger chunk in hold back that they'll get 30 days after substantial completion. This is a fire restoration project with an insurance settlement and a mortgage company in the middle, so we don't even have all the money in hand.

>>But tox, you'd need a heck of a lot more chalk than just some leftover bits from a classroom to make any meaningful contribution!! Probably by an order of several 100 times! Well how should I know how many classrooms and bits of chalk they have?! LOL