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**CindyLavender** · 03-23-2012, 10:55 PM

Including a monthly penalty for late payment as incentive is motivational.

Having a 3rd party, such as a title company receiving the payments (paying me) and doing the late penalty payment assessing and recordations has been very beneficial in our private r.e. transactions.

Also, highly recommend checking the lawyer's math. In one of ours, we didn't and discovered the attorney who drew up the contracts has the contract concluding at a time certain in the future, but there is still money owing on the property after that date because the "suit" couldn't multiply correctly.

beefsteak

03-23-2012, 10:55 PM	#6
CindyLavender Join Date Oct 2005 Posts 437 Senior Member	Including a monthly penalty for late payment as incentive is motivational. Having a 3rd party, such as a title company receiving the payments (paying me) and doing the late penalty payment assessing and recordations has been very beneficial in our private r.e. transactions. Also, highly recommend checking the lawyer's math. In one of ours, we didn't and discovered the attorney who drew up the contracts has the contract concluding at a time certain in the future, but there is still money owing on the property after that date because the "suit" couldn't multiply correctly. beefsteak
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