What documents for sub2

General Real Estate Investing
1

I want to make sure I have all my ducks in a row when I meet the seller to sign everything.

I have an authorization to release information and a copy of the sellers acknowledgments, but I dont have a good power of attorney, at least I dont think so. The one I have states that I could enter into a contract, transfer and convey real estate, but nothing about dealing with insurance or the loan. Where could I find a copy of a good power of attorney for doing sub2s? Any other documents I should get together?

2

Well since noones answered yet I thought Id list what I have and ask if its all I need.

Power of Attorney
Authorization to release information
Sale contract
Sellers acknowledgments (CYA)

On my contract it states the seller will convey a general warranty deed, should I change it to a special warranty deed?

Im going to search now but if anyone has a good link to how to put this in a trust I would appreciate it. Thanks

3

Hi,

Besides the Due on Sale Disclosure aka CYA you’ll need:

  1. Change of Address Form for the insurance company
  2. Change of Address Form for the bank
  3. Change of Address Form for the HOA
  4. Limited Power of Attorney
  5. Quitclaim Deed
  6. General Warranty Deed
  7. Authorization To Release Information Form
  8. Purchase and Sale Agreement (specifically tuned for "subject to" transactions)

  9. Bill of Sale(for the items conveyed during the transaction e.g. washer/dryer)
  10. Land Trust documents(not required but highly recommended)

I suggest having all the documents auto-populated into a fillable pdf for easy retrieval.

Good luck! :biggrin