Found A Good Lawyer...BUT??
Hello all. I finally found a good lawyer who actually understands SUB-TO and knows that it's NOT illegal. He said he'd be glad to help me with all my deals...although he (like most people) doesn't think there are sellers out there that will do this.
So he told me to come to him if/when I "get a deal" and we will go from there. He said in NY state I would want to use the STANDARD Realtor contract with addendums. What other forms will I need? What about the BO&A and of course the Grant Bargain & Sale Deed...and Limited POA and the Affidavit?
Does this sound familiar to anyone? I guess I'm just confused about which of John Locke's generic forms to use.
Thanks,
Brian
Brian,
If you've found an attorney that understands subject to and willing to close them for you then let him do his job of getting the deal closed properly for your state.
John's forms are there only as a guide. You probably should show them to the attorney, however the lawyer will know which contracts, forms, etc. will work best for you state. That's what your paying him for anyway.
Once you have your first deal completed, then you'll have a copy of every state-specific form that you need to do subject to within your state. That way, if you need to find a new attorney, etc. you can just bring them with you.
Roger
I'm somewhat surprised that this Lawyer would use the standard Realtor contract, unless he's a Realtor. It's proprietary. I'd think he would use the (ABA-[law assn]) contract.
Also, it you switch attnys. six times you will get six modifications. How else is an attorney to justify/"earn" his fee?
The Grant,Bargain,and Sale Deed is use in Nevada not N.Y. which I imagine uses some sort of Warranty Deed. I don't know what a BO & A is? (Broker's Opinion??). You'd use the limited POA and I presume that the affidavit is a vendor's affidavit. It doesn't hurt to get a bill of sale for the personal property. If you're buying the property from an individual under duress than some exclupatory/disclamers are worth while.
Thanks for the input!
BOA = Buy Offer and Acceptance
Brian