Someone please help me out… if I have an owner that’s willing to give me the title and
deed to their home, what documents do I need to get signed?
Also, if this owner needs to find another more affordable place, say through owner-financing, what is the typical route I should take to help them find a housing?
I’m not in this situation right now, I’m still learning. But I’ve been reading up and still don’t quite understand how a typical sub2, lease-options, or owner-financing scenario works from start to finish…
These are the questions I had when I first started. I would honestly invest in some good courses to guide you step by step.
I would recommend:
For Sub2, get John $Cash$ Locke’s course
For Lease Option, get Lease Option King’s course
Now as far as documents, different people have different documents. I do not do lease options since I am in Texas (I might be doing lease options soon but not yet).
For Sub2, I use the following:
CYA Letter to protect myself from the seller
Purchase contract stating I am buying sub2 (and the contract addendums)
Authorization to release information from the lender
Instructions to apply escrow to loan payoff
Waranty Deed (I have my title company or a lawyer draft it right now)
As far as helping the current seller find another home, unless you have another home to owner finance to them, then they just need to find a new home.