All Forum Posts by: Jessica Zolotorofe

Who is actually taking title to the property? Is the joint venture structured as a new LLC, or is title going to actually be in both of your names, or what's the plan?

Correct. So you would have your agreement with the JV partners in place so that if or when you do find a buyer you are entitled to your share. If you bring them a buyer you have no protection if they decide not to sign it and just take the buyer for themselves. Until you're sure you have a signed agreement, no sense in doing the work to find the buyer.

I think it's something like 1%-1.5% depending on value of the property for the State and then same thing again if it's in NYC. You should ask your accountant, but I'm pretty sure that a contract for purchase is considered an interest in real property and it is taxed. I know that's a crappy answer, NY kills you!

Sign the agreement ASAP. Don't bring them their goods before you have a deal. Then (other than being a good human) they have no incentive to actually include you. The JV Agreement should just specifically lay out when your interest kicks in, i.e. when you bring the buyer or do whatever they need you to to get your percentage of the deal.

The seller should pay the taxes at closing and then you adjust for the number of days you'll own the property. That's standard. Any buyer will require the same thing, so if they say no, that's not terribly smart on their part.  Worst case scenario is you factor in the $7,000 to your budget and see if it's worth you paying them. If it's a good enough deal with a little wiggle room, maybe. 

You can always write a letter to the owners. Their addresses will be in the tax records, although a lot of agents have already tapped that resource, it's always worth a few dollars to try.

Yes, you would want an assignment of interests agreement including indemnification provisions. I would suggest a lawyer, but if you do go at it alone, remember that if the property owns real estate there is a non-deed transfer tax (or controlling interest transfer tax in NY) even if you are not transferring the actual property.

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Totally agree! Some great books out there, too. Best of luck!

If it's a rental, take an assignment of leases and rents. If it's an entity on the Note, take a personal guaranty. Otherwise, the note and mortgage are the most important.