Is it legal to do subject to in the state of tennessee? Are there any documents that need to be recorded in tn that will draw the attention of the lender? Can anyone help?
Thank you
Mor Mon = Mor Good
LDSInvestor,
Glad to meet you.
Yes, it is legal to use the Subject To investing method in Tennessee or Salt Lake City as a mater of fact.
First your documents need to be state specific, if you are concerned about the lender finding out, then you must understand that the proper paperwork being recorded and/or signed by you and your seller plays a major role for everyones protection.
John $Cash$ Locke
Is there a place I can obtain these state specific documents on the Internet? Are there instruments that need to be recorded that differ from state to state?
LDSInvestor,
Yes, paperwork differs from state to state, some state use a Warranty Deed others a Grant Bargain and Sale Deed, Grant Deed, Specific Warranty Deed, so they do vary state by state.
Also the general paperwork for everyones protection varies, but I don’t know of a site that would have all the documents required where you could download them.
You could try a Title Company in your area, they may supply you with the documents required, however when you say Subject To stand by because they may not understand what it means. It is worth a try anyway.
John $Cash$ Locke