What forms are needed for Sub2?

[socharming1 0]

Okay folks, I reallyyy could use a fast and accurate answer.

 

What are the exact names of all the forms needed to do a sub2???

 

Thanks so much

 

And yes Mike I do have your book, haven't had an opportunity for a CA yet though!

 

Happy Investing

[Kimberly 0]

Sub2 Documents:

1. Purchase and Sale Agreement

2. Declaration of Trust

3. Warranty Deed to Trustee

4. Assignment of Beneficial Interest in Trust

5. Letter to Insurance Company

6. Letter to Lender(s)

7. Limited Power of Attorney

8. Seller Disclosure

9. Authorization to Release Loan Information

[socharming1 0]

Geez you're quick on the draw Kim

 

Thanks a million

 

I've been reading your MANY posts as of late. You are making quite a name for yourself on this forum

 

In a positive way, I mean

 

Thanks a bunch kiddo!

[MichaelC 160]

Don't you girls ever sleep? Who posts at 1:30AM and 4:30AM? Do you carry your laptop to the bars?

[socharming1 0]

You're right Michael! Thought I'd post early and let the bar folks go home early

 

If you're not up past your bedtime or Kim if you're around could you also tell me the documents needed for a wholesale deal?

 

I have so many documents, I'm trying to get organized! I have a checklist for a LP and for Michaels CA's and now Kim's Sub2 ...My head is spinning

 

Thanks all

[Kimberly 0]

Documents for Wholesale Deals, aka Flips

 

Option to Purchase and Assignment Form

 

--OR--

 

Purchase Agreement and Assignment Form

 

--OR--

 

Purchase Agreement and Purchase Agreement -- double close

 

--OR--

 

Purchase Agreement and Purchase Agreement -- with a clause in both stating that title will pass directly from your seller to your buyer and that the difference in sales price between the two agreements is essentially an assignment fee or whatever you want to call it

[Kimberly 0]

Don't you girls ever sleep? Who posts at 1:30AM and 4:30AM? Do you carry your laptop to the bars?

Sleep? What's that?

 

Actually, my son homeschools and tends to be a night owl. Frequently there's a burning question in the middle of the night that supposedly MUST be researched before he can go to bed.

[socharming1 0]

Thanks again Kimberly

 

You are very knowledgable

 

If I didn't know better I might tend to think you trained MC

 

heheheh

 

Good day all!

 

MC notice I posted in the AFTERNOON :ph34r:

[MichaelC 160]

MC notice I posted in the AFTERNOON :ph34r:

Of course you did. You probably just returned from another night on the town.

[Guest Big Don]

What does Purchase Agreement and Purchase Agreement -- double close mean?

[Kimberly 0]

What does Purchase Agreement and Purchase Agreement -- double close mean?

It means that you have a Purchase Agreement between you and your seller. You also have a Purchase Agreement between you and your buyer. With a double close, there are two closings -- one with your seller and one with your buyer. You are actually take title of the property for a few minutes.

 

It does not mean it actually takes cash out of your pocket to do this. You'd close that way only if it was a much larger than average assignment fee.

[Akinwale 0]

Documents for Wholesale Deals, aka Flips

 

Option to Purchase and Assignment Form

 

--OR--

 

Purchase Agreement and Assignment Form

 

--OR--

 

Purchase Agreement and Purchase Agreement -- double close

 

--OR--

 

Purchase Agreement and Purchase Agreement -- with a clause in both stating that title will pass directly from your seller to your buyer and that the difference in sales price between the two agreements is essentially an assignment fee or whatever you want to call it

 

Wholesale Deals....So in theory I would use the Option to Purchase agreement to control the property and then the Assignment Form/agreement to assign it to a rehabber or someone..

[Akinwale 0]

Okay folks, I reallyyy could use a fast and accurate answer.

 

What are the exact names of all the forms needed to do a sub2???

 

Thanks so much

 

And yes Mike I do have your book, haven't had an opportunity for a CA yet though!

 

Happy Investing

<{POST_SNAPBACK}>

 

 

OK> i need to better understand the documents/contracts involved here. Is a subject 2 the same as a lease option?

[Kimberly 0]

OK> i need to better understand the documents/contracts involved here. Is a subject 2 the same as a lease option?

NO!!!!!!

 

For information on lease optioning go to the "lease purchase" part of the forum. The contracts you'll need for a lease purchase deal depend on whether it is a sandwich deal (you stay in the middle) or a cooperative assignment where you put the deal together and get out of it.

[-Tony- 0]

Akinwale,

please don't take this the wrong way. But, before you understand the forms, you really need to understand what you are trying to do i.e.

 

Is a subject 2 the same as a lease option?

.

Learn your style of investing then wory about the forms. Believe it or not there will be people in need of your service in 2-6 month (It took me 12 month) when you know what you are doing.

 

You have to understand that if you screw up, it may mean nothing to you (you can get another deal). Although, the owner could face BK, 4closure or worse because of your actions. So please educate yourself before you take action.

 

I think most of the stories you hear about people not paying the mtg on SUB 2's they aquired are from overzealous (dang spell check) noob's that bit off more than they could chew......

 

Again I don't mean to offend you.

 

Tony