I need to know what is the proper documentation that I have to have signed from the home owner to make this deal work. They have agreed to my fees, and know I will meet with them to sign. I do not want to forget anything, since the person lives 2 hours away. Thanks again ya’ll hav ebeen a great help.
My friend this is a dependant on how you plan to acquire the property - details my friend.
Take care
I do apoligize, the property I got was through some advertising, after I meet with the home owner he agreed to sell at a price higher than waht is owed. I have an investor that will purchase the home and receive a lump some for doing so. Than I will lease it back to the owner for a purchase price that is ageed on. I hope that offers a little more. Sorry, just new to the game…
You will need a purchase agreement
You will need a partnership agreement
Lease option purchase agreement
How do you plan to take title to the property?
Why are you doing a lease back with the original owner? Are you sure this is wise? Can they afford the payments?
What is your arrangement with the partner? What will the cash flow be like?
Do you have back up plans?
How are you taking the property? Subject 2, trust, title and the list goes on.
Details my friend, Details.
No I am not picking on you, just want you to do this in a way that is correct and you are protected.