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