Real Estate Investing!

When Taking Title "Subject To" - http://www.dealmakerscafe.com Forums

Original message

JWL Properties

"When Taking Title "Subject To"" , Sat 3 Feb 21:19

Should I have the seller sign all of the docs required?

Purchase & Sales Agreement

Trust Agreement

Warrantee Deed to Trustee

CYA Letter

Authorization to Release Private Information

__________________________________________________________________________

Or should we get title checked first and then have all that done?

Also:

My sellers are not behind in payments or taxes but need time to find another residence. They are selling because they can't afford to pay much longer the existing mortgage.

Being that they are needing to stay in the house, how do I date the Purchase & Sales Agreement and the other Docs to make sense? I don't know when they are going to move!!! However they do need to get out because the have admitted that they are just overextended with debt.

Please Help!

Thank You Much

JLaVerdi {Phx_Az}

Replies:

Lynn
Moderator

"Re(1):When Taking Title" , Sun 4 Feb 09:41

We normally have the seller sign the Purchase & Sale Agreement and the Authorization to Release Information up front. We get their mortgage information and a copy of their deed (or something with the legal description on it) so that you can get your due diligence done.

The rest of the paperwork can be done when you "close". If they are going to sell you the house then you must set a date to close and for them to move out. If they aren't in a great hurry you can set up the closing date far enough ahead to give yourself plenty of time to get a buyer lined up.

Hope this helps.

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?

Terry (Houston)

"Re(1):When Taking Title" , Sat 3 Feb 21:53

Can you evict someone from their own house?

I am going to lease a house back to the owner because they will relocate in a month. They cannot afford to list it since it is so new but it gives me time to market it.

If they do not pay you need to be able to enforce the lease. Be careful!

As far as the docs there have been several post's on the subject as to which ones are needed. There have been several great threads discussing this indept. Try the search and you will get some great info on all of the doc's. Look for Lynn's doc for the sellers information sheet. Jackie posted a heck of a Power of Attorney. Some use a Letter to Lender and what about the insurance company. Don't forget the assignment of beneficial interest.

Not being flippant with the answer but the prior posts have some great discussions. Some people use all some don't.

Terry

...There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul...

Ella Wheeler Wilcox

Terry (Houston)