What Forms Do I Need To Complete Deal
I am doing my first purchase subject to the owners financing, giving him 20% cash, and using a Land Trust for the property.
What Legal Forms do I need here.
1. Land (Living) Trust
2. Change of Beneficiary in Land Trust
3. Limited Power of Attorney
What type of Deed and when do I complete the Deed? Do I use a quitclaim at the time of sale or a warranty deed subject to debt?
I thought the fee disclosure was in the trust agreement.
What is the best place to learn the WHOLE process and ALL the pitfalls. I am a REALTOR (20 years now) so I should catch out quick. Did you learn from a mentor or a book or what. I keep reading but really have not found a how to book . There is some guy out there tryig to sell a course called <sp?> Dolf Delruse?? or something. His tape made him sound like the infomercial nutjob who talks about the gvernment giving away money for you to open a coffee shop ect....so I hesitate to buy his course. Is there a course or class or mento you would reccommend.
[addsig]
I second that is there any book or something you can recommend to the rest of us to teach the ropes you obviously know already. And help would be appreciated.
Thank You
I second that is there any book or something you can recommend to the rest of us to teach the ropes you obviously know already. And help would be appreciated.
Thank You
I wouldnt do any deal unless there was equity or a way to create equity.
a simplistic subject-2 hypothetical example would be
House Fair Market Value is : 200K
1st Mortgage 140k
instead of getting new financing you buy the house "subject to" the exisiting loan.
you pay the seller 3k when they give you the deed & another 5k when they move out
now you seller the house for 200k you have a 52k gross profit & all the cash you used was the 8k to pay the seller & fix up & carrying costs (paying prop tax, mortgage payment until you sold etc)
Using "subject to" you avoided the step of a traditional downpayment (10%-20%), loan fees, & time needed to get new financing. you increase your return because you are using less cash to do the transaction.
I would target the entry level price range of the1st time home buyer market to start out with because that part of the market seems to have the most consistent pool of buyers
well what part of Kentucky, I live in Henderson Ky maybe if there close to me I might be interested.
sorry that was several months ago-
This is why you need title insurance when you check the title out!!! I would always tried to get a warranty deed instead of quitclaim.
i would double check with an attorney but if he filed the lien in the same name he held the property i dont think it is a valid lien, i believe you cannot lien your own property. If the property was in ABC llc and he created the lien that ABC llc owed ABC LLC 15k, i dont think it will stand up as a valid lien.