All Forum Posts by: Jessica Zolotorofe

You would need to enter into a commercial contract with the seller and make sure it has an open assignment clause in order to wholesale. Same for apartments and restaurant contracts. 

That’s terrible. Glad I don’t practice in Texas!

Then yes, you will also need a variance. 

How much was the deposit? Depends on your contract but a job transfer is not usually a valid reason to terminate. Deposits are put up for defaults... exactly this reason.  I would sue if it’s a worthwhile amount of money.

From a legal perspective, LLC can be in any state, you just have to register to do business in Indiana if you have a NJ LLC. there may be an annual fee and check with your accountant on tax implications. If you form an LLC to own the property, then yes, your LLC would have to be the borrower under the loan, and on the deed. Refinance with a conventional lender would have to be a commercial loan if the borrower is an LLC, otherwise, there should be no issue financing.

Sure. Is this a single family? I am not licensed in Indiana, so if it is residential, I’m not sure how much I can help, but happy to chat. 

@Matthew Passero is it already zoned properly? You would need site plan approval from the City. It’s a lengthy process, but Clifton and Passaic County are relatively cooperative. You may also need DEP and DOT approvals. You really need an engineer to put together some site plans to see how many units you can fit with ingress and egress, setbacks, sidewalks, septic, traffic signals, etc. You should hire an experienced attorney to see you through the process, as well. Let me know if you have any questions. Good luck!

@James Charlot You would use an Indiana form. But for an offer you can either just send a term sheet, no specific form required, or send a contract filled out with the terms and have them countersign if they accept.

That’s the whole point of a deposit. Why would a buyer ever agree? Talk to your lawyer. They should have done a time of the essence letter and then released the deposit. 

@Adriel Hsu you don’t need a release signed for the deposit. Send a time of the essence letter by certified mail and if they don’t close in compliance with the letter (check your state requirements) then you are entitled to the deposit without any release.