What Documents Do You Use?
Can somebody explain which documents are used when purchasing and when they are used.
If you get a call from a motivated seller and you come to an agreement. What is signed at the home that night? What is signed with a notary public and/or recorded?
Same questions for selling a property.
Thanks,
Dan
detroit,
Glad to meet you.
Asking a question like you did is like asking for an accident to happen.
The documents you use are the ones that are state specific and reviewed by a professional to make sure you stay out of harms way.
A person needs to take creative real estae investing serious, meaning if you were starting a business wouldn't you want to make sure that your business conformed to the laws of your state?
You might want to trust someone else's forms, but how would you know if they were really proper to conduct business with.
Have your documents reviewed by a professional bottom line. This is not a shortcut you want to take when buying or selling.
John $Cash$ Locke
The documents you use the first time can be re-used, with proper attention paid to changes in the law, so it pays to spend $200-$500 to have a lawyer draft you a document that is tailored to your needs. In the long run you won't regret spending the money. It may be worth the peace of mind alone. Best of luck.
Let me rephrase the question; I understand everything will be state specific and created/drafted/ok'd by my lawyer.
What I am looking for is what to ask my lawyer to draft for me. Meaning do I need a purchase agreement, contract for deed, quick claim deed, etc.
And when is each of these used? If I go to a house and agree to a L/O with the owner, what is signed at that time? I will not have a notary with me.
Hope this makes sense,
Dan
Quote:
On 2003-09-04 10:40, detroit wrote:
Let me rephrase the question; I understand everything will be state specific and created/drafted/ok'd by my lawyer.
What I am looking for is what to ask my lawyer to draft for me. Meaning do I need a purchase agreement, contract for deed, quick claim deed, etc.
And when is each of these used? If I go to a house and agree to a L/O with the owner, what is signed at that time? I will not have a notary with me.
Hope this makes sense,
Dan
If you are purchasing straight out you need a purchase/sale agreement.
If you are buying via L/O, you will need a Lease with option to purchase agreement.
[addsig]
Hi Dan
,
Let me give my two cents.
It all depends on the hat your wearing.
There are several things you could do with the seller.
1. Rent the house with an option to purchase and then sublet it to someone else.
2. Create a cooperative agreement
3. or create a Pure Option agreement
Like I said, it all depends on your goals and the hat your wearing at the moment.
Hope that helps,
_________________
Diana Fontanez
"The Rent to Own Alternative. Where everybody wins"[ Edited by dianafontanez on Date 09/06/2003 ]