Wrap Around & Sub2
these seem pretty close in theory. i just got off the phone with an attorney and he basicly say that wrap around is more safe if you can talk the owner into making payments to the bank instead of directly to him. but the only thing is you do not get the deed. he was saying that he does not know of a title co. who will prepare a deed knowing there is still a mortgage against the property. should i look for another attny?
Go to http://www.firstam.com/oc/forms.html or http://www.ticornlc.com/template/e-forms.asp?sPage=header&sParent=menu2.e-business&sName=e_forms and prepare your own forms theyre really simple to do just make sure you have the correct vesting from the seller. You can take that info off of the current deed.
How much is transfer tax?
It verys from state to state some states get off easy while mine has the highest in the nation.
Get a different attorney. Sub2 deals are done all the time by attorneys, so much so that the Bar Association has made a ruling that it is both legal and ethical to recommend to a client to breach a contract (due on sale), since a breach could be of greater benefit to the client. Sub2 deals were common with commercial deals long before the SFH creative surge. Your attorney sounds like he needs to come to TCI and do some reading.
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