Posted by MoniqueUSA on June 17, 2001 at 22:27:17:
After deciding to make an offer, your first step is to get a signed Purchase and Sale Agreement (Doc #1). At the same time, I get an Authorization to Release Information (Doc #2) on all loans, and a Seller’s Property Disclosure Statement (Doc #3, this is useful, but certainly necessary). None of these documents require a Notary Public. I don’t know what’s in the Addendum to Contract document that you refer to.
I get all other documents signed AT CLOSING. The last thing I want to do is confuse the seller with any other paperwork at this time.
Each guru has similar, but different, Land Trust paperwork. For instance, LeGrand and Brown don’t use a Trustee’s Affidavit and Certification.
Your title company should do a title exam for you before closing. The exam will confirm that the Seller owns the property, that the Seller can sell the property themselves (no joint ownership), the liens and encumberances on the property, and that the previous documents in the chain of title have been filed and recorded properly. The title company may also verify the property taxes are paid and current.
The Seller conveys ownership to the Land Trust through either a Warranty Deed (you want this one) or a Quit Claim Deed, but not both.
Lazaro, I strongly suggest that you pick up Bronchik’s course on buying Subject To. I get the courses confused now that he has changed the names. There are a ton of details not here – it’s a seminar/course really. And, for the $300 or so that his course costs, it’s a tiny investment to NOT screw up a $150,000 asset.
I hope this helped.