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outline of a deal

This topic contains 53 replies, has 0 voices, and was last updated by Avatar of bigdaddy bigdaddy 15 years, 3 months ago.

Viewing 10 posts - 46 through 55 (of 55 total)
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  • #8364
    Avatar of jim_pasquini
    jim_pasquini
    Member

    Talk with Teresa about possible sanctions against the opposing attorney, as well as seeking to have such suits dismissed with prejudice with your legal costs being reimbursed.

    #8365
    Avatar of peter@amakya
    peter@amakya
    Member

    Thanks Jim.

    #8366
    Avatar of jim_pasquini
    jim_pasquini
    Member

    …and of course I threw legalese at you as well.

    #8367
    Avatar of thbmusic
    thbmusic
    Member

    Referring to Shawn’s info on California deals:

    I have a deal in escrow (as buyer) that is set to just be financed with a hard-money lender and change title with a Grant Deed. I am running into title seasoning issues with a FHA-buyer on another property (as seller).

    (Cont. re 1st deal): If I were to have the seller put the property in a simple trust (NARS) and acquire 100% beneficial interest (assuming that I could get my hard-money lender to still do the financing), this would avoid the title seasoning issue, right?

    What about the issue with DOSC (“2. to a trust revocable by the transferor”)? – Does that mean the transferor (aka seller) could undo the deal somehow, or is this just to satisfy the Tax Assessor?

    Also, when the property is eventually sold to a retail buyer (out of the trust), who will be paying the transfer tax? (I assume it’s either me or the buyer, depending on what we agree to, so it defaults to the buyer.)

    Thanks,
    Thomas

    #8368

    Assuming that the hard money lender will stay on (but that probably would be a costly interest rate), a NEHTrust would avoid the seasoning issue because you are not getting a new loan.

    #8369
    Avatar of smiley
    smiley
    Member

    Shawn,
    Any final outcome on this deal?
    Just curious.
    Thanks, Eric

    #8370
    Avatar of bigdaddy
    bigdaddy
    Member

    We filed the cross complaint (took awhile as we “verified” each item.. attys know what I mean) and are actually looking to have them buy back the property from us (pay us to deed it back). The city has fenced off the property and liened the daylights out of it during this process (as we have been handcuffed against progressing with any corrections). This has cut into our marketing plan as far as timing.

    #8371
    Avatar of bigdaddy
    bigdaddy
    Member

    **Latest update**
    After receiving our cross-complaint, opposing counsel wants to make nice.

    #8372
    Avatar of bigdaddy
    bigdaddy
    Member

    ** Outcome***

    The seller withdrew the suit an settled with us for a $50,000 reduction in our price.

    #8373
    Avatar of blackpuma
    blackpuma
    Member

    Thanks for sharing with us.

    Between busting a gut and my jaw dropping on the floor,

Viewing 10 posts - 46 through 55 (of 55 total)

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