Hi all ,
I have an accepted offer on Tampa Florida , what's the purchase procedure ?
The agent told me I only have two weeks to close for cash deal. ( is normal to close in just two weeks ?) I will be purchasing using and land trust and the service that I use told me they need two weeks to create land trust itself.
How can we proceed for the whole process?
And also if I do close in 11/2 for example , do I legally get any extention dates? In New York I get extra 30 days.
Thanks everyone !
Your agent SHOULD help you. Usually extensions must be agreed to by both parties. Why the land trust? They are pretty expensive. Have you got help from your CPA? Attorney?
There is no “standard” 2 week close for cash. 30 Days is typical. It ALL depends on what You put in the contract as a closing date, and the seller agrees. Land trust aren’t that expensive, less than $500 or so, and an attorney used to doing them has a simple template, takes about 15 minutes, no registrations required. Investors who use them a lot have their own forms.
@Wayne Brooks , do you have a local attorney who can set up land trust that can Recomend to me pls ?
Not near Tampa.
Bill McFarland, Cape Coral. Whatever local agent you are using should be able to find one.
Hi @Liz C.
Everything you mentioned are terms on the contract, nothing is standard. The deal moves as fast as the title company. On a cash deal, I put minimum 3 weeks.
To extend the contract takes a simple fill in the blank addendum that anyone can do. However, the Seller must agree to extend the contract, but if it's a week or less, shouldn't be an issue.
Kris Fernandez is an excellent local attorney. Shoot me a PM if you'd like number or email.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing