Do I Understand The Process?
Hello,
I've been doing more and more reading on the L/O process of purchasing as well as selling. I understand the concepts but I don't think I fully understand the whole process. Correct my information please...
Locate a seller and he signs:
Lease purchase agreement
Limited power of attorney
Optional (performance mortgage)
I take this to the title company and also give them the buy escrow instructions. They record both the L/P agreement and performance mortgage for me.
I find a tenant buyer. He signs:
Lease option agreement
Separate lease
I take this to the title company and they hold onto it.
2 years later when the T/B is ready to buy, everyone meets at the title company. I close with the buyer, and the seller in a double closing...
or
I can assign the buyer the contract to purchase with the seller directly.
Now I'm sure I'm missing a few steps or docs, or maybe I messed this whole thing up?
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