So I posted previously about a deal and javipa had great replies ( thanks in advance if you read this! )
I’ve decided to take over the payments on this property, but I’ve never done this before.
Two problems:
Seller fully trusts me, but doesn’t have a clue on how this works, and doesn’t have an attorney. And I want seller to have an attorney so I don’t get sued for ‘creative investing.’
Seller needs to evict tenants currently occupying the house. She sent them a 60-day vacate notice via certified mail, but they didn’t open it. Now they don’t know how to best approach getting rid of the tenants and making this work.
How do I put this together? I told sellers I’d give them a referral for an attorney who understands sub-2 deals, but they may also need an attorney that specializes in evictions?(NJ is extremely pro-tenant!)
And lastly, I still need to do an inspection for informational purposes. I basically want to get them under contract, do my inspection, and confirm that the tenants will vacate once we confirm a date.
Well, I kind of spelled out what I need to do but I’d appreciate any input on this case for those more experienced.
Well, you’re just making sure this deal swirls down the drain.
Before I explain, if the tenants are still paying, this isn’t an
“Eviction.” This is a “Termination Notice” and/or “Notice To Vacate”
Certified letters alone aren’t effective at notifying tenants. If you don’t want someone to read something, send them a certified letter. Otherwise, you send them a regular letter along with a certified letter. This way, they’re getting the message, and you’re covering yourself legally.
Meantime, it makes no difference how ‘pro tenant’ the state is. There’s a way to terminate the lease legally and effectively that doesn’t depend on something this haphazard.
Regarding the attorney: You are asking the seller to hire an advocate to protect himself from YOU. Forget it.
And the attorney will come up with two or three thousand dollars in legalize to put you in the weakest position possible, with the most trigger-happy unwinding clauses ever dreamt by man.
If you can’t figure out how to get the seller’s deed and personal information to administrate the seller’s loan, as himself, then YOU hire an attorney, and have the seller just show up to sign the paperwork that’s all written in your favor.
Once you’ve completed this deal, you take the final paperwork, and use it as a template for your next deal.
Be careful if you haven’t done this in the past and don’t know much about the contracts that comes w/subj2
The safest thing to do on your part is to close this deal through Title Company who will record the transactions (title transfers) to the county record. Can you imagine taking over a property with hidden liens that you were not aware of? You will have a hard time selling it in the future. There are contracts to get the seller sign your “Letter of Intent” but the Title Company will ensure the rest of important documents will be filed.
Please note, find out how much the seller owes, equity, comparable market value (zillow.com may give you slight idea but not exact) before taking over otherwise the property may not be profitable. Hope this helps!
What I meant was a Title company who has its own attorney that reviews all the documents. Most of the Title companies that I deal with in my area will have the lawyer reviews and properly records it.
but I’d appreciate any input on this case for those more experienced.