Paperwork in a Subject to? - Posted by Brian (Northern NJ)

import · February 18, 2002, 10:31am

Posted by Jonathan Rexford on February 18, 2002 at 15:11:21:

I would

import · February 18, 2002, 10:31am

Posted by Brian (Northern NJ) on February 18, 2002 at 11:31:33:

What specific paperwork is required to carry out a “subject to”

import · February 18, 2002, 10:53am

Re: Paperwork in a Subject to? - Posted by Jonathan Rexford

Posted by Jonathan Rexford on February 18, 2002 at 11:53:09:

Well,

Purchase & Sale Agreement
Waranty Deed (with Trust Declarations or an addendum)
Land Trust agreement
Assignment of Benifical Interest (if you choose to go that route)
Due ON Sales disclosure
Bill of sale (if your state requires it)
Power of Attorney (to help you unravel the paper work if need be)
Copy of Sellers mortgage & note would be nice
Copy of sellers insurance docs
Copy of sellers hud 1 closing statement.

Now you will need to do your own due dilligence, with checking title and so forth. If you are doing your own closing then due your own closing statement. IF you have to make up payments then you will need to bring your check book. Now their is a lot more stuff then I had mentioned. But that is some of the basic stuff.

import · February 18, 2002, 11:43am

Re: Paperwork in a Subject to? - Posted by Jeff(TX)

Posted by Jeff(TX) on February 18, 2002 at 12:43:35:

Do you use a purchase and sale agreement when you use the landtrust method?

import · February 18, 2002, 10:58am

Re: Paperwork in a Subject to? - Posted by Brian (Northern NJ)

Posted by Brian (Northern NJ) on February 18, 2002 at 11:58:14:

Wow.Sounds pretty cumbersome. I think I’ll wait until I become more experienced.

import · February 18, 2002, 9:20pm

Re: Paperwork in a Subject to? - Posted by Bud Branstetter

Posted by Bud Branstetter on February 18, 2002 at 22:20:34:

Since you are in Texas I can pass on comments from several different attorneys.(and personal experience) If you are buying subject to from a homeowner the contract is useless if they do not want to honor it. The judge will not force a homestead to be sold. The contract is more of a mental commitment by them until they sign the deed and move out.

If you contract with a NOO then you still need your i dotted and t’s crossed or it won’t hold up. You do not check off assumption but owner financing and explain explicitly what you are doing as an addendum referenced by that owner financing item.

import · February 18, 2002, 2:10pm

Re: Paperwork in a Subject to? - Posted by Jonathan Rexford

Posted by Jonathan Rexford on February 18, 2002 at 15:10:18:

I always use a purchase and sale agreement

Jonathan Rexford

import · February 18, 2002, 11:03am

Re: Paperwork in a Subject to? - Posted by Jonathan Rexford

Posted by Jonathan Rexford on February 18, 2002 at 12:03:07:

While exp. will help you succeed, please do not let me what I have posted scare you at all. The point is that there are systems that are inplace that could be purchased from this web site. I have purchased all courses that has to due with sub2 that are advertised on this web site And I can tell you that I have learned from each one and countless others. The best course for the money is Bill Bronchicks Alternative Real Estate Financing course. Its cheap. But it has good info.

Hope that helps

import · February 19, 2002, 3:31pm

Re: Paperwork in a Subject to? - Posted by Michel (TX)

Posted by Michel (TX) on February 19, 2002 at 16:31:38:

Would you say that, at the moment they move out of the house, they relinquish their homestead?

I’ve been doing a few subj2 recently. So far, so good, but should I be concerned?

Thanks!

import · February 18, 2002, 12:15pm

Re: Paperwork in a Subject to? - Posted by Brian

Posted by Brian on February 18, 2002 at 13:15:59:

Did you find that the Alternate RE Financing course offered the best selection of legal forms? I wasn’t sure if I should purchase this AND the lease option…