exploreparadise2 Posted November 15, 2010 Report Share Posted November 15, 2010 I received a request from a lender that wants me to sign a reliance letter in regards to a refi. It was for a commercial inspection I did nine months ago. The lender sent me a copy of the inspection report and is asking for verification of the report and they want me to attest that they can rely on it. My inspection report has a statement that it is intended for the named client only and is not to be relied upon by any third party. Has anyone come across this kind of request before? I haven't. My first inclination is to respond by email that I prepared the report and it only pertains to the condition of the property at the time of the inspection and to restate the comment that any third party must hire their own inspector. No way am I signing anything. Any thoughts? A copy of the letter is attached. Thanks, Download Attachment: MWC_Reliance_Letter.doc 33.21 KB Quote Link to comment Share on other sites More sharing options...
kurt Posted November 15, 2010 Report Share Posted November 15, 2010 I read the letter; sounds like they want you on the hook without paying you a fee. Maybe I got it wrong, but it has a definite aroma. Quote Link to comment Share on other sites More sharing options...
Erby Posted November 15, 2010 Report Share Posted November 15, 2010 Wouldn't do it. - Quote Link to comment Share on other sites More sharing options...
hausdok Posted November 15, 2010 Report Share Posted November 15, 2010 Hi Blair, Is the person that they are loaning to the same person that hired you to inspect the building or has the building been signed and now they are trying to pawn off a 9-month old report on a buyer without paying for it? I'd call them up and ask them what it is they are trying to do; and then, depending on how they'd answered, I might contact my attorney before I decided to sign anything. ONE TEAM - ONE FIGHT!!! Mike Quote Link to comment Share on other sites More sharing options...
Bill Kibbel Posted November 15, 2010 Report Share Posted November 15, 2010 I wouldn't even sign it with Kurt's pen. Quote Link to comment Share on other sites More sharing options...
exploreparadise2 Posted November 15, 2010 Author Report Share Posted November 15, 2010 The client bought the building after the inspection and is now seeking refinancing. A capital management firm is representing that client in seeking the refinancing and forwarded the lender's reliance letter form to me. The management firm asked me if there is a fee for filling out the reliance letter. I don't want their fee. I want them to go away. Quote Link to comment Share on other sites More sharing options...
Marc Posted November 15, 2010 Report Share Posted November 15, 2010 I'd toss that letter straight into my waste basket. Wouldn't call them. I'd let them call me, then I'd tell them that all I could do was sell them another home inspection. 'Reliance letter' is not something that I sell, much less give away. Dingbat lenders! Marc Quote Link to comment Share on other sites More sharing options...
Scottpat Posted November 16, 2010 Report Share Posted November 16, 2010 Ya know, I would just tell them that is is against my company policy to sign such forms. I would not elaborate any more on that statement. End of discussion........... Quote Link to comment Share on other sites More sharing options...
gtblum Posted November 16, 2010 Report Share Posted November 16, 2010 Hi Blair, I'd call them up and ask them what it is they are trying to do; and then, depending on how they'd answered, I might contact my attorney before I decided to sign anything. ONE TEAM - ONE FIGHT!!! Mike I'm liking this idea before you write it it off. It won't cost you more than the phone call to figure it out. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted November 16, 2010 Report Share Posted November 16, 2010 For what? Unless the one of the other parties is going to pay for that signature he has nothing to gain. Lenders should understand this better than anyone, they charge fees for everything. Quote Link to comment Share on other sites More sharing options...
Charlie R Posted November 16, 2010 Report Share Posted November 16, 2010 I'm with Scott, "Ya know, I would just tell them that is is against my company policy to sign such forms." sounds like the best approach. Quote Link to comment Share on other sites More sharing options...
Erby Posted November 16, 2010 Report Share Posted November 16, 2010 Offer to do a new inspection for THEM! After all, the old report is nine months old. - Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.