Double closing on property doing the subject to or leaae option with 10 dollars down is it possible to do
I don’t know what state you’re in, but here in NJ, which is a big pain with lawyers, I did one in Dec. 2009. My lawyer got both parties at her office and went from one room to the next and did the entire transaction in 6 min. I didn’t even go, I gave her permission to do all the work and picked up the check for $25,000 the next day. Good Luck and go for it. Dave
Not being an attorney I cannot speak for the legality in your specific state, but I’ve done double closings many times, even a couple of triple closes. The one thing I always do, as with any transaction, is to practice full disclosure to all parties involved. This includes the end buyer’s lender (no, I don’t speak with the end buyer’s lender, but ensure that the paperwork reflects the facts of the transaction and that the attorney is fully engaged in ensuring proper disclosure is followed). Some loans require title seasoning, and when you double close the new title will not have any seasoning and this could be an issue with the end buyer’s lender.
Having a good real estate attorney, one that specializes in real estate, is vital to help protect against legal issues in real estate transactions. I have excellent attorneys for each specialty (real estate, corporate law, litigation, etc) and the money I’ve paid them for their work over the years has been well worth it.
Best of luck with your investment endeavors!