Legal Question in Real Estate Law in Texas

purchasing multi unit apartment building need a sales contract

purchasing apartments and keeping mortgage in place need to know how to write up contract and transfer ownership


Asked on 8/29/08, 1:07 am

1 Answer from Attorneys

Re: purchasing multi unit apartment building need a sales contract

A few things:

1. From whom are you purchasing the apartments? A person, or entity?

2. Who is the buyer? You personally (bad idea) or your entity?

3. Who is the lender? You need to check the deed of trust, and make sure that this is a transferable note. If not, you'll need assent from the financier.

4. Has title insurance been obtained?

To answer your question: you need a bill of sale, possibly an asset purchase agreement, and a deed. Do not do this without an attorney.

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Answered on 8/29/08, 11:27 am


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