Long distance Sub2 - Posted by Erick

import · October 24, 2003, 7:32am

Posted by chris-atl on October 24, 2003 at 13:20:42:

You will probably want to FedEx them the contract overnight. Then your attorney will probably Fedex them the paperwork and deed for them to sign and FedEx back. Good idea getting title insurance. But of course you should always do that.

import · October 24, 2003, 7:32am

Posted by Erick on October 24, 2003 at 07:32:39:

I’m looking to buy a property subject to where the couple that owns it has moved halfway across the nation. Negotiations with them have gone well but I’m not too sure how to proceed with closing this deal. To add to the excitement, this is my first sub2 deal. I’ve gotten an “authorization to release information” from them and done my preliminary due diligence on the loan. So, I’d like to move to contract.

Should I simply fill out a Purchase/Sale Agreement and mail it to them? I plan on using a title company to do a title search and to close the deal and I’m also putting this property into a trust. Is there anything else I’d need to do other than getting a signed P/S agreement before going to closing. Also, are there any pitfalls to be aware of in attempting a “long distance” closing?

Thanks all.