Why Do I Need!!!
Hell-o all this might be a very dumb quetion and I know all I need is John Locke's boob but if a seller is gong to deed you over there house why do I need a Purchase and sale agreement... I would think the only thing you need is the deed and the agreement for deed and power of attorney....Thank you for clearing up my confusion Thanks MD 
The purchase agreement is essential because it leaves you with the tools you need to complete the transaction. It allows for a time of due diligence in which you may find out that the neighbor owns half the house and allows for an inspection. I wouldn't leave home without one!
If they are just giving you the house then get the deed. You can do the due diligence (DD) as the ink is drying on the deed. You should do some DD before you even see the house. What is the loan balance and how much is it worth are the two main questions to find out. You ccan check out the condition and decide right away if it is worth getting the deed or not. If you are not into short sales and do not want a no equity then walk away if you can not see any equity. Look before you leap but get the deed if it costs nada.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Quote:
On 2003-12-14 16:17, mjdreal wrote:
. . . I know all I need is John Locke's boob . . ..
Although John gives outstanding support to all his students, I never really thought of it as mothering!
No offense to anyone (especially John and mjdreal). I know it was a typo. It just made me bust up laughing when I first read it. [ Edited by Rogue on Date 12/14/2003 ]
OOPPS !! My bad I have to say that the boob thing was a tyepo but it was cool even if I did'nt meen to do it.. I like John but not that much..
mjdreal,
You were probably looking at the one that has tattooed on it:
"Subject To That's What I Do"
The documentation everyone signs is for a paperwork trail, so if anyone needs this information (or forgets) you can show them how you purchased the property and the seller agreed to it.
John $Cash$ Locke