All Forum Posts by: Angela MIller

@Lynnette E.

What is the difference between a deed and a title? Our goal is to decrease liability for him as he has things paid in cash and I do not. But I want to make sure we do this properly so i don’t get screwed if something happens to him too.

So we will be closing on 2 duplexes on 9/18. I financed one duplex on my own and took on a partner for 50% of another (he will be paying cash for the full duplex). My lawyer suggested tenant in common approach for this...as I will be giving him 25% of my 50% ownership for downpayment. So I owe him 75% of my 50% ownership still. My partner wants only his name on the title for liability issues and proposes a side contact for me owning 50% of duplex once it is paid off. What is the best approach to make this legal and valid without too much hassle?

@Theresa Harris

So PO Box? Or maybe I can use my partner’s address that he only stays at once a month? Or my parents?

@Theresa Harris

Good suggestions! I’ll look for a template and send it out once closing is done. We’ve already stopped by to introduce ourselves to the tenants. I live like 3 minutes from the tenants. Is it ok to let them know I live close by? My partner doesn’t think it’s a good idea. I really don’t wanna hassle with a PO Box. Any suggestions?

I also own a condo and tenant and I are friends so he knows where I live. He’s signing new lease for an additional three years. So that hasn’t been a problem with him knowing where I live.

@Joe Splitrock

You are completely right on!! I appreciate your insight on the rent collection part. I didn’t even think that could get complicated as well.

I called their bluff and actually told them I am willing to trash the deal. I am sick of going back and forth. As they had agree to pro-rate rent at one point, and I was trying to figure out how to make it to title company on new closing date (maybe see if title company will open 30 mins later or see if my other pharmacist can come in to cover me so I can leave a little earlier...as vaca window for Oct 1th is closed already). Then I got an email the next morning saying owner will not prorate rent. I explained my frustration and stated that if it was up to me I will trash the deal now. So I told them to only talk to my partner and I gave him full rights to do whatever at this point. All along, I was the one that found this deal and really wanted the property and took on a partner so I can obtain both duplexes and have more negotiation power. My partner is the no bs kinda guy, so I think that scared the crap out of them. I immediately got a response within an hour that they will close on my preferred closing date of 9/18 and are willing to set up an escrow account for funds for remainder of project. I think owner was eager to close deal as he is probably not certain if the secondary offer will actually go through or just want it to be done. Escrow account only cost like $200, so not a big amount to end a deal. So glad I had my lawyer’s cell number and he available to talk after hours!!

THANK YOU for your feedback and suggestion!! Appreciate it very much!!

@Michael Noto

That just makes things even more complicated. Owner don’t live there, he wants to make sure basement work is completed before closing and only wants to close both on the same day. However, new proposed date also doesn’t work for my partner or I. So we are going forth with 9/18 closing and setting up escrow account.

@Jay Hinrichs

Rent is prorated, however, only from day of closing I believe, right? Are you able to write it as on agreed day of closing on contract and if that gets move, you get compensated?

@Theresa Harris

Yes! That is what I thought would make most sense. However owner wants to close on both on same day. So we are now moving forward with what my lawyer suggested, close on 18th and set aside escrow account for remainder of work to be paid for.

@Wayne Brooks

I don’t think rents will be pro-rated if we agree to a later closing date. So we will lose our on 3.5k.

@Brandon Roof

That’s how I feel. It equates to 3.5k in lost rent for us!