order of deal for sub2 - Posted by bill

Real Estate Investing
1

Posted by Jonathan Rexford on August 20, 2003 at 09:03:03:

I like Lou Browns Material.

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order of deal for sub2 - Posted by bill

Posted by bill on August 19, 2003 at 16:42:07:

When offering to buy a property subject 2 do when to these things come together?

After signing a purchase agreement, you need to get a power of attorney and auth to release loan info right? Then you need to have a deed signed over to a trust. Is setting up the trust the first thing you do after signing a purchase agreement and getting the other 2 docs? Is the trust set up before you do anything else? I am having a hard time putting these things into a timeline. Also what gets notarized and recorded and what does not? Thanks.

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Re: order of deal for sub2 - Posted by Jonathan Rexford

Posted by Jonathan Rexford on August 19, 2003 at 18:10:27:

  1. Seller Sign Standard Real Estate Purchase And Sale Agreement ?Subject Too? Existing Loans
  2. Estopple Letter, Check Title And Determine If You Have A Deal.
  3. Sellers Property Disclosure Statement
    o If No Deal Walk
    o If Deal Proceed To Close

Closing Paper Work

  1. Appointment Of Land Trust Trustee
  2. Appointment Of Land Trust Successor Trustee
  3. Declaration Of Trust And Land Trust Agreement
  4. Warranty Deed
  5. Affidavit Of Land Trust (Record With Deed)
  6. Addendum B (Record With Deed Legal Description)
  7. Affidavit Of Name
  8. Sellers Affidavit
  9. Sellers Mortgage Disclosure Statement
  10. Limited Power Of Attorney
  11. Trustee Authorization
  12. Taking Care Letter (Keep In File)
  13. Estate Planning Letter (Keep In File)
  14. Management Agreement For Trust Real Estate
  15. Mortgage In Favor Of Buyer
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Re: order of deal for sub2 - Posted by bill

Posted by bill on August 20, 2003 at 08:43:38:

Jonathon

Is this a list of every concievable document that could be used or a “must have” list? Thanks.

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Re: order of deal for sub2 - Posted by Jonathan Rexford

Posted by Jonathan Rexford on August 20, 2003 at 08:45:50:

Bill,

This is what I use. You can just have them sign the deed over to you and make payments. But since I take each property into MY own trust this is how its set up for my office

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Re: order of deal for sub2 - Posted by bill

Posted by bill on August 20, 2003 at 09:01:13:

Hey thanks Jonathon

I have Bronchicks alt real estate financing course. The section on subject 2 is ok. Have you seen this course? It just seems like there is alot of stuff left out. Do you know of any other book or course to get more specifics on the subject or do you think I can learn other ways. Thanks again.