Cash- Buyer ( What Type Of Contract To Use?)
I have in the past used a Realtor or a mortgage broker to complete a property sale, using the NAR promulgated forms.
In this instance I intend to sale a property to an investor that will be purchasing with cash ( telegraphed funds).
I will not be represented by a Realtor, an attorney nor will I require the follow through of a loan processor.
I will ofcourse arrange for the closing through a title company, and expect that they will request of both parties what is required
to close. While this makes things straightforward I suspect there is some element of which I should remain circumspect.
1) Is there an itinerary I should enumerate to ensure that I do not overlook anything that protects my interest?
2) Should I have an offer presented on a promulgated contract? I have not done so in the past, any gain in doing so now?
3) Any stipulations I should insist upon to protect by behind.
4) Any closing cost items I should expect to accede to covering? What items can I reasonably be expected to pay?
You should find out the as to when the split is approved and when does it become effective, after approval. If county does not need oswan,s consent to approve the split, then either you or hinm can apply for the split and then he can pay oswan before the split becomes effective.
If that is the case then may be you can sell the house with quit claim deed (subject to the oswan loan) in return for money payable to you enough to catch up the payment , and selling by him half of the house at the agreed terms.
But here you are not saying what happens if the split is not approved, and who makes the payment while split is under consideration until he is ready to close the deal?
He probabaly is trying to split the property and sell 1/2 to you and other half to some other guy at a profit.
But I think considering your situation you should also talk to the lawyer to make sure that your interests are protected.
[ Edited by ashwin on Date 02/21/2006 ][ Edited by ashwin on Date 02/21/2006 ]
Keep in mind that a LLP does not have the same legal protections as a LLC or corp. If you consult a experienced RE lawyer, they can explain the pros/cons of different entities and how the choice will affect you.