Sub2 Paperwork
Today, I met with my real estate attorney. He is familiar with the Sub 2 process. He and I reviewed some of the documents that I forwarded to him from John Locke's training manual. And you know you are going to be reaching deep into your pockets when the attorney says that he has to review these documents in greater detail and then he will need to update these documents per state requirements...etc. Obviously different states require different documents. I don't mind paying my attorney, but if I can get these documents at a minimual cost or even free- then it is for me. Since I will be doing a majority of my business in New Jersey and Philly. Does anyone have specific Sub2 contract language that they have used in Jersey or PA? If so, can you forward it to me or point me to web site that I can download it from....
Thanks in advance
jersey joe
To test the waters a bit, try another attorney and see what number 2 says.
In both cases I would want an estimate of the total costs expected. A not-to-exceed estimate so you know what you are getting into. If one or both will not provide an upper limit I would find a different attorney.
Consider spliting the costs for 'approved' forms with other investors in the area. Once you have a set updated for a specific state more than one can use them.
John
active has given you some good advice above.
If you want cheap or free forms, then do a google search, you should pull up several. However, you go what you pay for. Cheap or free closing docs means little to no protection if you ever have to take them into court with you.
Trying to save a nickel here may cost you a dollar down the road. Better to spend well here for you than give money to a lawsuit later.
Roger
What are your thoughts on using a pre paid legal service? As I am being coached by an investor, he says this is working great for him. Any thoughts?
Linda
Quote:
On 2004-04-07 15:30, JJLARK wrote:
Today, I met with my real estate attorney. He is familiar with the Sub 2 process. He and I reviewed some of the documents that I forwarded to him from John Locke's training manual. And you know you are going to be reaching deep into your pockets when the attorney says that he has to review these documents in greater detail and then he will need to update these documents per state requirements...etc. Obviously different states require different documents. I don't mind paying my attorney, but if I can get these documents at a minimual cost or even free- then it is for me. Since I will be doing a majority of my business in New Jersey and Philly. Does anyone have specific Sub2 contract language that they have used in Jersey or PA? If so, can you forward it to me or point me to web site that I can download it from....
Thanks in advance
jersey joe
:-?
[addsig]
Before I met with my atty, I reviewed the forms, studied them, knew every word and line in it. I had prepared question upon question about every detail in the forms that I either didn't understand, or wasn't sure if it was necessary. After reviewing EVERY form in Cash's arsinel, it took us just an hour with the atty, and I knew exactly how to retype the forms to be state specific. Best of all, I UNDERSTOOD what I was doing with each form. This was far better, in my humble opinion, than getting free forms.
The moral is, know exactly what you are trying to ACCOMPLISH with each form, and what you need to change on the forms you have to make them work. Then just do it yourself.
1 hour of an atty's time is not that expensive, but it cost me about 4 hours in the front to understand and make questions, and a couple hours in the back to fix my forms and get them to be exactly what they need to be to work great in my state. Best of all I now have a MUCH better idea of what i'm doing out there with these pieces of paper that I got for "free".
If you like, you could even meet with your attorney a second time after you've fixed the forms to make sure everything is hunky/dory. I opted to not do this-I live on the edge; but if peace of mind is important to you...go for it.
Best of luck.
Sam[ Edited by samedwin on Date 04/13/2004 ]
I am still new to the sub 2 process and I am working on my first deal. I think that I have the right documents but I am not 100% sure. Here are the ones I plan on using:
warranty deed subject to debt
quitclaim deed
Power of attorney
Do I need any other forms?
Hey All:
Another option is to go to the legal library at your local court house. Ask the person behind the desk for the law books on RE in your state. Every from that is " approved" for use in your state will be there...and while your at it you should read up on the laws regarding RE. You will even find case laws ( Prior lawsuits) of how and why people were sued. For me, it made for some very interesting reading..it was well worth the afternoon to me.
Kerry
[addsig]
Quote:
On 2004-04-13 16:20, samedwin wrote:
Before I met with my atty, I reviewed the forms, studied them, knew every word and line in it. I had prepared question upon question about every detail in the forms that I either didn't understand, or wasn't sure if it was necessary. After reviewing EVERY form in Cash's arsinel, it took us just an hour with the atty, and I knew exactly how to retype the forms to be state specific. Best of all, I UNDERSTOOD what I was doing with each form. This was far better, in my humble opinion, than getting free forms.
The moral is, know exactly what you are trying to ACCOMPLISH with each form, and what you need to change on the forms you have to make them work. Then just do it yourself.
1 hour of an atty's time is not that expensive, but it cost me about 4 hours in the front to understand and make questions, and a couple hours in the back to fix my forms and get them to be exactly what they need to be to work great in my state. Best of all I now have a MUCH better idea of what i'm doing out there with these pieces of paper that I got for "free".
If you like, you could even meet with your attorney a second time after you've fixed the forms to make sure everything is hunky/dory. I opted to not do this-I live on the edge; but if peace of mind is important to you...go for it.
Best of luck.
Sam
<font size=-1>[ Edited by samedwin on Date 04/13/2004 ]</font>
Good post Sam.....something for all newbies to consider!
Thanks :-D
[addsig]