1st deal church to 4plex?
I found my first deal and it looks great!! I have two 9,000 sqf commercial adjacent lots with a 3300 sqf church on one for 13,000 in west Texas. The building is structurally in good condition however I'd does need quite a bit of Tlc.
I am trying to buy it off three siblings who have inherited it from there father. However they have no deed and the property is in the name of the church not there father. They currently owe 10,000 worth of bad taxes witch I would pay plus I would be giving them and additional 3000 on top of that and covering all transfer fees and attorney fees as well.
The property's tax assed value is 35,000
I understand I will be needing an affidavit to prove they have legal ownership ship before I can buy it from them. My questions are how can I lock in this deal and protect my self so they can't back out after I pay all fees to have the property transferred in to there name? Can I have an attorney draft a contract even if I'm not 100% sure they legally own it?
Also if every thing goes according to plan what type of loan can I get that would be secured by the equity in the property?
Please forgive my ignorance and THANK YOU in advance for you're help!