All Forum Posts by: David Miller

An attorney representing the seller or buyer will likely ask the questions about the deal structure and the buyer's attorney in particular should press the issue. 

NC is an attorney closing state - the buyer's attorney should drive the closing process. You need to be very careful about the structure of a "double closing" to ensure you comply with the NC Good Funds Settlement Act.

No idea what is market rate but make sure you get counsel on any state specific laws related to seller financing. For example, sometimes remedies for a default can be limited or certain disclosures are required (or a best practice).

Ebony Andrews Contact Trademark Properties (http://www.trademarkproperties.com) about availability at Wintershaven Apartments in downtown Raleigh. If it is full, ask them if they know of any other Section 8 availabilities.

It sounds like you need a commercial line of credit that is secured by one or more of your properties. A traditional HELOC is likely not going to work. Pound the pavement for local and community banks - they are often more flexible and willing to work with their customers.

One word: relationships. Real estate is about relationships and connecting with people. BP colleague requests provides a way to start and build relationships.

NC is an attorney closing state - title companies do not conduct closings or review closing documents (which is considered the practice of law in NC).

If the term of your loan is less than the amortization of your loan, you will have a balloon payment when the term ends. You can avoid a balloon with a fully amortized loan but those are less common in commercial lending. What is the issue with a balloon payment?

1. The current owner does not have title insurance on either property. Do you think this will be an issue at all considering that I do plan on getting title insurance? You do not need a prior title policy to get a new title policy but it does mean you will need to do a longer search (typically at 30 years back) because you cannot "tack" onto the prior policy (which allows a search forward from the date of the prior policy.) 

2. I want to be able to sell these lots to someone who plans to build on them so I went to view these properties myself. One of them has quite a slope but it looks possible to build on it in my (unprofessional) opinion. There were some trees but no huge trees that would hard to remove. Adjacent to the lot I plan to buy there was a neighbor who built a house and the slope on their land is similar. I checked the zoning so I know you are allowed to build on it. Do you think I should get a professional opinion from a builder before closing the deal? Yes - if you intend to build make sure that is a viable option before you close.

3. How long of an "inspection period" is reasonable. If I plan to close in three weeks can I make the inspection period three weeks long up until the day of closing? It is negotiable. The longer the better for you as buyer. 

4. Is there anything else I need to do myself? Land survey, ect? As a general rule, I would recommended a survey.

Probate info is not online in any NC county. There are some software problems that allow you to access certain estate information but even those programs do not provide copies of filed documents.