Encumbrance
I am looking at a property in foreclosure and I pulled the preliminary judicial report. The case is Third Federal vs Jane Doe. In the preliminary judicial report it lists all the liens.
Number 4 on the list is the Third Federal Claim for 138K
Under it it states:
Note: Encumbrance on the above Mortgage stating mortgage lien is limited to the amount of the loan dated April 30, 2003 filed May 09, 2003.
The Loan Dated April 30, 2003 is a second Mortgage with Unizan Bank for 50K.
Can someone explain what the note means? Is that a bad thing? I originally posted this in another forum but i think this one is more appropriate
If you had a "Deadline" of 6pm Friday, And you got no reply, the Offer to Purchase died on Friday Night @ 6pm. If they will let you increase your offer, they will probably let the other Offeror increase his also. Called "A bidding war", sellers love it!
Have an attorney draft up an operating agreement for the LLC. This will include things like what happens if someone wants out (buyout, first refusal), how distributions will be made (profits, special allocations, capital, etc.), who will be the tax matters partner, how decisions to buy/sell will be made (equal vote, or based on ownership, something else), etc. You should meet with the attorney and have him draft something based on what everyone wants in the agreement....it will prevent/reduce misunderstandings later when they come up.[ Edited by finniganps on Date 03/27/2007 ]
Hi Wayne,
This should help you with the sub2 dilemma:
http://www.thecreativeinvestor.com/modules.php?name=Articles&file=article&articleid=472&PHPSESSID=c38tqf65idr8npoim0ufosetg1
This should give you (at least my opinion) on why the commercial policy is BETTER. Carry a bigger deductible to offset the premium between the two forms:
http://www.thecreativeinvestor.com/commercial/modules.php?name=Articles&file=article&articleid=1101
[addsig]