All Forum Posts by: Jessica Zolotorofe

@Kevin Sobilo Agreed completely. That's what I was saying. I imagine if she is about to close title (she said "settlement is approaching"), then the inspection period has passed, but in states where it is not included and there is just a physical property inspection (like NJ) a lawyer should always include that type of due diligence as part of the inspection period when preparing the rider, assuming that state provides for an attorney review period.

Absolutely should use an attorney unless the QI has one in house. It's a complicated process and so many things can go wrong. One hour late on a submission and you void your 1031. One document not submitted properly and you pay the taxes. It's not worth it to go at it alone and save a few thousand dollars now just to have the 1031 blow up and you pay the taxes you were trying to avoid to begin with. In my opinion, that's way more costly. Plus, if you have any questions, likelihood is your QI will tell you they can't give you legal advice and you have to consult with an attorney. At that rate, the clock will be ticking and you may be too late to find a good attorney to work with you. Remember, no funds can touch your hands, so if you close the first half of the deal and get any money because you didn't have an attorney to help you through the process, the 1031 is also voided. My best advice is to definitely use a lawyer, and not just any one, but someone well versed in the process. If it's residential property, it may be a LITTLE less complex, but even a non-1031 commercial property transaction, you should really use an attorney. There are just so many things that can go wrong with so much money and time on the line.

Likely you had a time period to conduct inspections and diligence and if that period passed, you are not entitled to the deposit back. Unless you can prove that it was an intentional misrepresentation, I doubt you would get very far. Always do your diligence right away! 

Hi @Dan Ricany- what counties are you looking into? That budget sounds exceptionally low for a 4plex. Not sure it's possible, but if anything, @Vaughn Smith can give you some info. He's a great agent in Northern NJ. @Vaughn Smith

@David Lichtenstadter  To the best of my understanding and having just talked to my title company, they are legally the same result. Unless the purchase price of the original sale is fully disclosed, and even then, some underwriters require that you actually have your deed recorded with consideration thereon in the public record before they will close a second sale. If you wholesale, and there is only 1 deed transfer with a gap fee going to the wholesaler, that's ok in NJ. But 2 back to back deeds are not accepted.

Hi @Manuel Ayluardo. Double Closing are nearly impossible in NJ anymore if you want title insurance. Title underwriters won't do them. Wholesaling is different and a NJ attorney can work with you on the wholesale deal, a title company doesn't need to really be involved because you don't close title, other than them putting your fee on the settlement statement if they are the closing agent. 

Check FL statutes, Some states have a cap on what the HOA can get after a foreclosure sale.

Good luck!

If he's a jerk he could try to extort some money out of you, but it may be worth a shot since the alternative is going to court and that will undoubtedly cost you more. 

How long has the access been used? So basically how long ago was the garage constructed? Is the entire garage on your property? Do you have any relationship with that owner? Easiest route is to just ask him for an easement. Explain that you likely have access as a matter of law, but you want to make this easy and amicable.