Please Help Me With My First Subject To Deal

6 Replies

Purchasing a fully rented duplex. Just got off the phone with a verbal agreement. What paperwork is absolutely necessary?

Wow. No offense but if you are buying a property Sub2 and you dont know what paperwork is necessary you might want to reconsider buying this property @Damean Townsend . You are setting yourself up for failure. 

I just want the necessities. 

I just looked online and there are several posts on there regarding (subject to). You can work hard to find out as much about it as possible so you are well prepared when you meet the owners and get the property under contract. The thing I would ask myself is what have you done to prepare yourself for finding an interested and serious buyer. I would do everything possible to educate myself fully and that I understand exactly what I am doing when using any established and legal means of getting a property under contract or doing a purchase. If you have a few bucks you can spend I would run down to my nearest real estate attorney that has time to give you a consult and have him help you on this first deal. 

What have you done to understand the owner's current situation and problem and ask yourself if you really have a good solution for them.

Wow, Im surprised how hostile everyone is being. I say AWESOME JOB DAMEAN!! Most people struggle to take action. I commend you on taking action and it sounds like you could end up with with a deal! You came to the right place to find information. Use the search feature and your going to find all the information you need. Some of the podcasts discuss Subject to investing as well. I haven't personally done it yet, so I can't comment too much, but stick in there and I'm sure someone will give you a great answer. 

Your best bet, find a local RE attorney to help you.  I bet you haven't verified the loan balance the owners gave you, checked for additional mortgages, liens, judgments, and back taxes yet....let alone a title search.

Absolutely visit with your real estate lawyer on this. Good luck.

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