California - Subject To Forms Needed
Hi all. I'm a newbie. Done lots of reading on real estate investing. This is the strategy that I am proposing to begin with: contact owners in pre-forclosure to try to work a deal. In CA there's legislation on the books that portect's homeowner's equity, such that anyone buying an owner's equity while in foreclosure, must include the 5 day recsision language in the P&S agreement. So here's my first of a two part question: 1) Does anyone know where I can obtain this form. Part 2) what other forms or exhibits are a must when putting an equity purchase agreement together which involves subject to financing?
Thanks all for your help.
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by th way i'm not affiliated with john i'm just fortunate enough to have ordered this information and can't wait to start making deals soon
Amfels is correct. Knowledge is power. I owe my metric raise in rank from Sgt. Pilot to Biggy Gen to the fact that from age 5 I had studied warfare. Well actualy thats the proper answer. But, I cannot a lie. I owe it to the very high casualty rate among fighter pilots from 1940 to 1954. Also I was a heavy kisser of posteriors. You believe that? I hate you.
The clause you seek you can do yourself. "This contract is subject to cancellation during the first five days after execution by the Seller."
I also spell out the duties of all partys. If you are including them in a future profit just spell it out. A Letter of Agreement is a simple way to do it. Do not get complicated and load your agreements with legal type words. Try and stay in american street english. Some future judge reading it will appreciate you very much.
Cheers Lucius
I also need the set of forms for New York. Can somebody helps newbie?
I've actually have done quite a bit of research in the matter. Also, I've spoken with a real estate attorney about this (he know's about subject to investing, but would rather me do regular transactions - from a liability point of view). Based on his consultation and other research I've done I think I need the following forms:
1. P&S agreement with the recession language.
2. Affidavit of Deed or Contract
3. Authorization to release lender info (signed by seller)
4. Change of address notice (signed by seller)
5. Authorization to be added as an additional insured in current homeowner's policy.
Anything else?