How To Buy A 5-Units Building? - Posted by Tony

Posted by GL - ON on July 08, 2003 at 17:12:35:

For a deal that size you should have a lawyer to advise you.

Basically you use the offer form approved by the local real estate board. It’s the one everyone is familiar with, it’s legal, and you can fill it out to say anything you want.

Fill in the blanks and if there is not enough room for all the details, put down “see schedule A” .Schedule A is a piece of paper that you write Schedule A at the top, then put down whatever you want. Such as a list of appliances included in the sale. If you need more room for other details you have Schedule B, Schedule C etc. Paper clip them to the offer but be sure it says on the main offer, see schedule A so no one can “lose” it and say they didn’t know about it.

But you really should have a lawyer review the offer and help prepare the second deed of trust.

How To Buy A 5-Units Building? - Posted by Tony

Posted by Tony on July 08, 2003 at 16:55:30:


I’m in the process of buying a 5-units. The lender has approved me for first deed of trust in the amount of 712K and seller is carrying back a note second deed of trust for remaining amount. Final purchase price is $995K.

The question is how do I structure the purchase contract?

Do I have to show that the owner is carrying a second? or maybe create a separate addendum?.. Please advice…