Those who recall this entry way back in April know that I've been working on a deal to sell my father's convenience store and gas station for some time now. I spent all of last Saturday at the UNLV law library learning about North Carolina's laws on the title theory of mortgage as it applies to deeds of trust and seller financing. (Basically, the seller has to deed the property to the buyer, who in turn has to deed the property to a trustee, with the seller as beneficiary. Its satisfaction requires full payment of a separate promissory note.) Then I redrafted our deed, suggested other changes, and faxed everything to the buyer's lawyer.
He called me this morning. The buyer retracted whatever contingencies he was demanding, and it finally looks like the deal is reaching a close. The lawyer plans to send all documents overnight, which we have to sign, notarize, and return before my father gets checks for the final down payment and the first mortgage payment of (much) interest and (little) principal. Needless to say, this is a huge relief to the family, and a great step forward in my parents' retirement.
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