EP 006: What Documents Do You Need To Buy A Subject To Property?

You’ve decided to buy subject to properties for your real estate portfolio. So what do you need to know now? What forms and documents do you need? What forms do you need from the seller? And how do you get them?

If you speak to 10 different investors, you’ll likely to get 10 different answers to those questions. Each will tell you that you need a different form to close a subject to deal. To be honest, I think the two main documents you really need are the deed and a limited power of attorney and those will set in motion the process for you to close your Sub2Deal!

Of course, there is a longer list of documents that you then should collect from the seller and a couple of forms you might have to fill out depending on what state you are in, and whether you buy the property via a land trust. For those of you interested I also go over some documents that are nice to have but not entirely necessary. I’ll also share when you need to get an attorney and when a mobile notary will do just fine instead.

In this episode, I explain which documents and forms you will:

• At your initial meeting with the seller;
• At your closing meeting with the seller;

And if you will need an attorney or a mobile notary to help seal the deal.  

I will go over the following forms and documents and why you need them:

• Sales Contract e.g. Sales & Purchase Agreement
• Authorisation to Release Information
• Limited Power of Attorney Poa
• Ultimate Disclosure Document
• A Warranty Deed
• HUD 1 Settlement Statement
• Transfer Tax Form
• Due on Sale Disclosure
• Seller Affidavit
• Authorisation to Release Information
• A Second Authorisation Document
• Seller Course of Recourse

If you would like to learn more about subject to deals, check us out at Sub2Deals.com.

For information on using a land trust, the product I recommend can be found here.

If you’re looking to learn more about subject to properties then get my Ultimate Sub2 Guidebook.

You can also download a free fillable HUD 1 Settlement Statement you can find that here.

If you’re wondering what a Due on Sale Clause is you can refer to my episode on it here.