How To Sell An Agreement To Buy Contract?

Comments(4)

• 
  cartdavi8th November, 2003

  Is the property deeded with two deeds. If so, deed one unit. If not, try Tenants in Common. Or sell both of them and you do a long term lease back on 1 unit. In real estate one key factor is not owning property, but controlling property. There are several ways to control the property. Your contract to purchase gives you an equitable interest--you have control for the term of the contract.
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  sumtersc8th November, 2003

  I do not know if the property is deeded with two deeds.
  
  How do I find out?
  
  If not, how can I make it into two deeds?
  
  The construction company that I have a purchase agreement with bought the land from a developer. FYI the agreement allows me until May to finance.
  
  Thanks,
  
  Wes

• 
  jorge1219th November, 2003

  I assume you will be conducting a title search on this property (as any diligent RE investor would). That research will uncover whether both units are on a single deed. You can also go down to the recorder's office and see for yourself. If its on a single deed you will need to partition the property, that is, separate them out. You will want to contact your local land use use office to determine whether the property is zoned for multifamily. This would need to occur after you close on the property. I don't see how you can sell it to two different people right now since you may only have 1 property.

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  sumtersc9th November, 2003

  The property is a duplex...two houses attached to each other.
  
  The property should be zoned for duplexes because the entire neighborhood is nothing but.
  
  So the title search is all that I should do to find out how many deeds?
  
  Thanks again,
  
  Wes