Owners Names On Sales Contract
I have a question. I have a possible deal where there are 5 owners on the deed that are all from different states. Do I need everyones name on the sales contract to start my process or can I have just lets say two. I know when i close everyones names has to be on the closing paperwork, but what about the sales contract. Also, if some of the owners cant make the closing could i get them to sign the paperwork via notary and send the paperwork back to me or title company? Thanks.
The Contract would not be legally enforceable unless all five sign, which defeats the purpose of getting it in writing. Yes, you can close via courier.
[addsig]
You need only one signature to get the ball rolling. With only one signature, you can request payoffs, title search, appraisal, and so on. Each of the owners can deed the property individually without ever going to closing. Make sure you get together with your title company. There may be affidavits required in addition to the deed.
Thanks for the info- its greatly appreciated.
Quote:Each of the owners can deed the property individually without ever going to closing.I think panicfilms mistyped. I suspect he really meant to say that each of the owners can deed "their individual interest in" the property.
I am sure he did not mean to imply that a single owner can deed the entire property
If either of the five changes his/her/their mind(s), and you have only one signature, you have no legal remedies and will have lost any monies and time spent doing due diligence.
[addsig]
panic you know a little something i see. Good advice. Someone has been very busy.
I have always thought of how to give money to the borrower during a short sale. What are peoples thoughts on this:
Using a 3rd party company, give the owner a $5,000 second mortgage. Then do the short sale and disolve the second mortgage.
When I have been in this situation what i have done is purchased a car, furniture, boat, yard tools, etc....
Have the current owners write up a receipt for you for the $5,000 and buy some of the personal stuff....
That way the bank, the sellers, and you are now all happy. Win, win, win......
My advice would be to either cut them a check or buy buy the microwave, car, sofa etc., for the agreed upon dollar amount the key here is as stated before no funds can go to the homeowner if so IT WILL KILL YOUR DEAL!!!