PURCHASING A PROPERTY SUBJECT TO
What Buying Subject-To Means Buying subject-to means buying a home subject to the existing mortgage. It means the seller is not paying off the existing mortgage. Instead, the buyer is …
ASSIGNMENT AND ASSUMPTION AGREEMENTS
The Assignment and Assumption Agreement An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party’s rights and obligations to …
WHAT IS A LIMITED PARTNERSHIP?
What Is a Limited Partnership (LP) A limited partnership (LP) not to be confused with a limited liability partnership (LLP) is a partnership made up of two or more partners. …
WHAT IS A REAL ESTATE ATTORNEY AND WHEN DO I NEED ONE?
Buying a home isn’t just a simple purchase; its also a legal transfer of a property from one entity to another. Because the legal side of this transaction can be …
REAL ESTATE SETTLEMENT PROCEEDURES ACT
RESPA Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act (RESPA) provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by …
RULES OF HOME AFFORDABILITY
The rules of home affordability Mortgage lenders use something called qualification ratios to determine how much they will lend to a borrower. Although each lender uses slightly different ratios, most …
WHAT IS AN FHA 203K LOAN?
Whether youare interested in snapping up a bargain home and renovating it to meet your needs, or you have a kitchen full of outdated appliances that you would like to …
REAL ESTATE TRANSACTION RED FLAGS
REAL ESTATE TRANSACTION RED FLAGS 1. Documentation includes deletions, correction fluid, or other alteration2. Different handwriting or type styles within a document3. Buyer currently resides in subject property4. Seller is …
PROS AND CONS OF DOING AN NEW LLC FOR EVERY REAL ESTATE TRANSACTION
Pros of Using a New LLC Every Deal Ownership structure: Perhaps you are working with several different owners on a new deal. It makes sense to have a new LLC, …
MISTAKES REAL ESTATE PROPERTY MANAGEMENT COMPANIES MAKE
1. Scaling Without Systems In Place I see a lot of property managers that fail once they hit a certain scale because they don’t have systems in place. They get …