All Forum Posts by: Ulric Lloyd

Is there anyone investing / closing within the NYC market that can shed some light on the use of Subject to strategy there. What docs are needed from the Purchase Agreement & any suggested clauses, 2Nd Lien notes, POA, disclosures, addendums, affidavits, etc... that would protect the buyer as well as seller to make this a win win situation. Please help me get my docs in a row

Is there anyone investing/closing in NYC that can shed some light on using the Subject to strategy in this market. What addendums, disclosures, affidavits, POA, 2nd Lien notes etc... should be including to protect & make a win win situation.

@Curt Smith

Thanks for response Curt, very insightful.

When you mentioned the 10 docs, is that the standard purchase agreement aside from the affidavits & power of attorney. BTW 2 power of attorney docs?

Also do you have any clauses which ironclads the agreement if ever brought before the court

Any one have any information on the ins and out of closing subject to sales in NYC

@Ulric Lloyd

I don’t want to purchase on a WRAP

@Eric C. The equity would be a fixed amount agreed upon signing of the subject to agreement.

Ex. ARV- $300k

PB- $150

$10k to cure

Seller would like to walk away with $70K

I would like to pay that $70k in installments

How would a subject-to purchase be structured to include the seller receiving some of the equity as passive monthly income. Please name all documents such as purchase agreements with the needed clauses protecting the buyer from seller remorse/reprisals, addendums including those providing full transparency, notes/ second liens etc.