Wavier Forms
Does anyone have a contractors wavier form that protects me the customer?
I have a house I am going to rehab and have a contractor/Handy person do the work. I want to make sure they cannot sue me for breaking a leg, falling off a ladder, sticking their finger in a light socket.
Also cover me from any workers the contractor subs out or gets off the street to help.
I also am looking for a form that states I paid them in full and therefore releases their rights to put any kind of lien on the property.
Thank you
can you get your custodian to tell you what is the difference(s) between the 2 types of LLCs?
An LLC is an LLC. It seems to me that it is just something in the operating agreement, and if a SDIRA is "just like" any other entity (sans the UBIT ), have at the regular book.
Nolo press is pretty good and reasonably priced.
There are certain guidelines that have to br folloowed for an IRA LLC, and they are quite different from a regular LLC. If anyone would run their IRA LLC investments along the same quide lines that they conduct business in a typicial LLC they could possible suffer the rath of the IRS and be subject to some severe penalties. The IRA cat is totally different and unique. Seek out a qualified attorney that has researched this area and then, and only then, proceed with caution.
Are you using Entrust or Equity Trust as a custodian? Ask them for an opinion.
or worse commiting fraud.
1. Helps to create a compromised market in that area. It may be a legit appraisal but its not a legit sales price.
2. It calls into question a buyers motive for purchase, thereby creating much greater risk for a lender.
Courts definition of fraud... knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment
This is bread and butter lender fraud and is a federal offense. People are in prison today for exactly what your describing. In some states it carrys a stiff punishment of a mandatory 10yrs.
Find another buyer, if its a good deal as you state you should be able too
the sale price is the FMV. I am willing to sell under value, so by doing this, it actually preserves the market. The property needs work, so it should be technically a rehab concession. That is not illegal. [ Edited by ICGPROPERTIES on Date 01/16/2008 ]
Its still a falsification of the current value regardless, maybe a judge would see it as market preservation and let you off the hook. Hmmm
If its a rehab concession and on the HUD-1 then disclosure to the lender is in place and your good. Good luck![ Edited by jackbenimble on Date 01/16/2008 ]
someone please xplain to me where in my origional post I mentioned that the buyer did not want to disclose the sale price on the HUD? The sale price is the FMV. The reason I am willing to kick back for repairs is that I did a short sale, and there is a great amount of equity, so rather than being greedy and trying to make a home run, I am willing to take less at the end if I can sell the property faster.
I have done this type of thing many times. You can do what you want outside of closing with your money. We 1099 for tax reason. If they want it on the HUD list it as
Seller give al can of incentive to buyer -- even season tickets to Packers games. I have never heard of any having problems. Every one kow everything is not on the HUD and as investor am sure 80% of deal everything is not diclose to the bank or buyers.
Plain and simple- you are required by law to list it on the HUD-1. If you do not, it is loan fraud. Now you know; what you do with this knowledge is your business.
Chris
Amazing!
This whole thread is hilarious to me. Shinning example of taking a square peg and ramming into a round hole. There, told you it would fit !!! Wait I know, lets ALL start doing deals like this. [ Edited by jackbenimble on Date 01/17/2008 ]
turns out this is basically what some one else did.
The bought the property for north of 1M on Wed. and then declared BK on Friday to stop the clock on the foreclosure.
from a title standpoint, is the seller held 2nd mortgage recorded in the title? dan
Yes it is.
Have you tryed going to the guys office in person to talk to him?
I have not. I have literally driven by and see him in his office and call him from my cell phone and he will not take the call. Also do not want the situation to escalate if he feels that I have no right to walk into his office when obiviously he is avoiding me.