Closed the first Sub2!
Whew! After a hectic 3 weeks getting ready for my first ever sub2 purchase, we closed yesterday!
I used) documents that a local lawyer put together for me. Took 3 hours of his time to put them together (8 pages of discloses and agreements) so about $675 in legal fees (reusable!) plus the standard closing costs... the plan is to flip this proprety, but it's got great hold and rent potential so I feel like I'm in a good place.
I survived, but i wanted to know how in-depth does everyone go at closing over the legal documents? The seller and I talked through everything prior, and she had plenty of time to review the documents... but I found myself going item by item at closing, which got ackward. It was difficult for me to explain some indemnification clauses, that are necessary but sound sketch when saying something to the effect of "this is so you dont sue me."
Having fumbled through it myself, I'm interested to hear how others handle the flow at closing.