Today was supposed to be closing day for the construction contract/note. Got the package of 50 different documents totaling 119 pages late on Wednesday. Spent yesterday reading said documents, which are of course all set to cover the Lender's backside only. By end of day, knew that there was at least one big discrepancy in terms of the fulfillment of Texas statutes, and one minor. Against us, of course, and our rights under Texas law. Canceled closing for today while we get legal counsel. Luckily, the lawyer says it should not be a big deal to get them to amend the docs to comply with the requirement to document that all the bills have been paid at the end of construction, which is the biggest "hole" we found. Would be a nice thing to know, don't ya think?
So, closing early next week. Hopefully.
Friday, October 22, 2010
Thursday, October 21, 2010
In the beginning
...was the lot. And the lot was good. Flat. Clear in the center, with gracious oaks and elms shading the western side. One-and-a-half acres of Central Texas lovely.
Jimmy Jacobs was happy to sell us this slice of heaven, and the lot was claimed. Good news followed as soil tests showed feet of black dirt on top of limestone. That's right, folks, feet, not inches. And yes, we are west of IH35. Who knew there was dirt in them thar hills?
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