questions about "subject to" - Posted by Shane (N.C.)

Posted by DavidV on March 14, 2002 at 01:47:25:

PRE-CLOSING
The sellers usually have a folder with all of their docs from closing, look at all this stuff. The note, survey, etc. Look at their last payment statement if they have one. Get your Purchase and Sale agreement signed on whatever terms you decide. Also get them to sign an Authorization to release loan info so you can verify the loan info. They can decide now when they want to move. Do your due diligence and check title. You may also have them sign a property disclosure. Get their birtdays and SS#, makes it easier with the bank.

CLOSING
*Trust Agreement
*Assign beneficial interest, if you do that
*CYA letter
*Limited POA
*Warranty Deed to Trustee

AFTER CLOSING
*Letter to Mortgage Company -optional- (I send one that just says property is now in a trust managed by ABC)
*Insurance(change existing or get a new policy)
*Change of address to have the payments sent to you

Its 2 hours past my bedtime, so i may have left something out. I’m sure someone will fill in the blanks if i miss something. Good luck!

David

questions about “subject to” - Posted by Shane (N.C.)

Posted by Shane (N.C.) on March 13, 2002 at 22:26:33:

I have read ABC’s of SUBJECT TO, but I still don’t understand some things. As far as I can remember the book doesn’t really give you step-by-step info. on these deals. I’m really wanting to start my investing, but I still don’t feel like I would know what to do on a “sub-to” from start to finish. Would anyone be kind enough to walk me through one of their deals? It would be greatly appreciated!! The main thing I’m worried about is what documents I need to have with me, and which ones are signed first, second, third etc… Thank you for your time, Shane

P.S. If you are just going to tell me to read the book again, please don’t bother to respond!!!