Posted by Jack Beam on March 27, 2000 at 16:00:49:
If you do not know weather or not you need an atty. That is a pretty good indication that you should have one.
HELP!!! closing tonight FSBO. We made a great deal… - Posted by Jame (AL)
Posted by Jame (AL) on March 27, 2000 at 11:29:53:
We are buying a house that has been converted into 5 apts.
We are paying 6,000 down, owner is holding note for 10,000-principle and interest due in 1 year. The property will be worth approx 65,000-80000 after repairs that will cost 20,000-40000. We feel like we can get a loan from the city at 3 per cent interest for 10 years. Even better.
HERE’S OUR PROBLEM:
We are meeting the owner tonight and title is clear.
Do we have to have a lawyer to close? Do we have to have a
notary? Can we type up an agreement of sale and a separate document for the loan?
Help!
Re: HELP!!! closing tonight FSBO. We made a great deal… - Posted by JohnB_NJ
Posted by JohnB_NJ on March 27, 2000 at 20:57:45:
Jame
I would also suggest that you find out if the house is a “legal” five family. Meaning that it is zoned for a multi-family use. If you buy it and the township or county says, “whoa, no deal here…this house cannot be used as a multi-unit dwelling”…
That would be trouble for you. YOu would have to get it re-zoned (if that is possible).
Again, make sure you check…
And if you are asking if you need an attorney, I would agree with Jack, and say yes, get an attorney to look over the title work and zone regulations.
Good luck and good investing!
-JohnB_NJ