What forms would you suggest?

General Real Estate Investing
1

Hi everyone, I am ready to start my sub2 investing but I would like to
know what forms do I need in my breifcase and what’s their functions?
Any help is greatly appreciated. Thanks.

2

I’ll give a crack at this

P/S contract
Sub2 addendum
Authorization to release
and a warranty deed form

I think the form titles explain what they are, but I’ll give you a detailed answer if you require it.

Nick Johnson
Motiv8td Investments LLC

3

Hey Motiv8td, thank you but could you expain the function of these forms. Thank you.

4

It might be good to if he or any one knows where these forms can be got ?

And if possible for free as some new people now do not have the funds to buy some sub2 course for a few 100 just to get the paperwork

just a thought on the matter

5

What does the sub2 addendum should looks like?

Do we use the state standard Loan Assumption Addendum
or do we create our own addendum to arrange a sub2 closing?

Do we get it notarized, give it to a title company, or don’t do
either and save it in a file for future reference?

6

Hopefully I am not stepping on any toes here, but this is what I use.

P/S contract
Purchase and sale contract, sometimes called offer to purchase. I don’t use one on every sub2 deal. You will have to modify/edit most of the ones Realtors have if you can actually get one to do a deal like this with you.

Sub2 addendum
This is usually a CYA addendum that makes sure the sellers know the mortgage and note are staying in their name and that their mortgage most likely has a “due on sale” clause in it.

Authorization to release
Form signed by the seller that allows you to talk to lenders, insurance agents and the like

and a warranty deed form
Transfers ownership of the home.

We also have to fill out a transfer return for the state to know where the tax bills go,

and I like to have the sellers assign me as a limited Power of Attorney with regard to anything to do with the property. This is a little heavier duty than the authorization to release.

The more you notarize the better, but I usually only have to notarize the limited POA.

7

HEY JAMES

Is there some where or can you send me copies of your paperwork ?

So that i can see what it is you use and how it is all written down ?

8

Hey Jamse, can I have copies also?
Thanks.

9

hey

I am glad to see iam not the only one need to see the paperwork used by the pros to do this