Be careful! This guy was NOT.
I wasn't sure where to post this, I figure most of us read "new posts" first, regardless of topic. This is a legal issue but it applies to ALL deals.
The gist of a post that I read on another REI site is this; A guy buys a "fixer" for $95K, puts a couple of thou into it, figures FMV is about $125K (this is a bit thin for most of us anyway) and want to refi and pull cash out. Title report comes back and guess what? He only bought ONE HALF interest in the ppty!!
I get criticized by lots of folks (not on here though) for my sometimes sarcastic answers. I figure a simple straightforward answer will be forgotten by everyone (including the questioner) within 15 minutes of reading it. But by using some "biting" humor it may make for a memorable read. I ddin't post an answer on the site where this was posted, but if I had it may have read along the following lines:
Best idea is to go back to the attorney who reviewed the documents for you and have him pony up about $15K. Oh, you didn't use an attorney! Well comfort yourself with the fact that you SAVED $300 on the deal by not having an attorney review it. So you're not out as much as you thought!
or
Get in your "wayback machine" (tm Rocky and Bullwinkle show) and AT LEAST READ THE DOCUMENTS before you sign them!
But I didn't write either of those things, I figure he might have a hard time reading them through his tears.
As someone once told me about closings and lawyers; "you're going to spend close to an hour, signing about 15 different documents, EACH OF WHICH WAS WRITTEN BY AN ATTORNEY, and you probably don't have much or any idea of what you're signing" Probably a good idea to have an attorney who WORKS FOR JUST YOU."
Just a word to the wise.
all cash