All Forum Posts by: Jessica Zolotorofe

100% get a lawyer! 

Investment Title is great. My firm has been working with them for 20 yrs. They are all over NJ.

It's not a good idea. Some courts have even rules it fraud. You will almost certainly have a due on sale clause in your loan documents so you can't transfer without the loan being due. If it was that easy, no one would ever get a commercial loan :)

You sign with whoever owns the property, likely your LLC.

Anyone interested in owner financing a property in the northern NJ area? I have a client interested in purchasing a fixer but has too much credit out to qualify for a conventional loan. 

As far as structure, I suggested he take a deed now with a mortgage back on the property so he is protected when he maintains, pays taxes and insurance and incurs significant costs improving the property, but the owner of the property he is interested in wants to retain title. I don't see how we can make that work. Anyone with advice on a way to structure that makes both parties comfortable? 

Thanks!

Why not put it on the market to drive up the price? If you have so much interest with it off market, you may get even more on market. There's really no benefit to an off market deal. I would offer a lower commission like 3% total to a broker whether on or off market. You can certainly make it part of the deal that a buyer pays part of the commission. Again, if it is that much of a seller's market, possibilities are really limitless. 

What kind of agreement are you looking for? You would just put it in the agreement of sale that the buyer pays half the commission.

Where are you located? A Bargain and Sale deed is a standard deed in many states. It's more protective than a special warranty deed, or even most other types of deeds.

Totally normal. The standard form realtor's contract calls for it. Doesn't always happen, but it's not a red flag.

Sure, what info are you looking for?

Agreed on @Tamara Deering's pricing, but for residential closings, most attorneys have flat fees- $1000-$1800 in my area (NJ/NY).