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11-07-2005, 10:15 AM
| | Junior Member | | Join Date: Aug 2003 Location: Glenville, NY
Posts: 21
| |  Contract for deed for 2 family rental
What is the name of your state?What is the name of your state? New York
Is the buyer or seller entitled to collect rent and claim expenses for tax purposes for 2nd apartment while tenant in first apartment is involved in contract for deed, Seller financed for 15 years.
Does buyer pay insurance and taxes directly or passes it to seller for seller to pay?
Who pays utilities if normally paid by seller?
At end of contract is there an actual closing with transfer taxes, etc. ?
thank you |
11-07-2005, 10:18 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
| | Quote: |
Originally Posted by jmurs116 What is the name of your state?What is the name of your state? New York
Is the buyer or seller entitled to collect rent and claim expenses for tax purposes for 2nd apartment while tenant in first apartment is involved in contract for deed, Seller financed for 15 years.
Does buyer pay insurance and taxes directly or passes it to seller for seller to pay?
Who pays utilities if normally paid by seller?
At end of contract is there an actual closing with transfer taxes, etc. ?
thank you |
**A: confusing post. Are you the Buyer, Seller , tenant? And what does the contract state? |
11-08-2005, 02:46 PM
| | Junior Member | | Join Date: Aug 2003 Location: Glenville, NY
Posts: 21
| | | I am seller
New York
I am seller.
No contract yet. I am negotiating with tenant to see if he can financially afford to do this.
I will eventually have an attorney but for the time being I was just curious to see who was responsible for what, so I can include whatever expenses he would be responsible for. I have known him (tenant) since he was 10 years old so I don't mind seller financing.
thanks |
11-08-2005, 03:17 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
| | Quote: |
Originally Posted by jmurs116 New York
I am seller.
No contract yet. I am negotiating with tenant to see if he can financially afford to do this.
I will eventually have an attorney but for the time being I was just curious to see who was responsible for what, so I can include whatever expenses he would be responsible for. I have known him (tenant) since he was 10 years old so I don't mind seller financing.
thanks |
**A: then you finance with the Buyer paying interest, insurance, real property taxes, all utilities, repair and maintenance etc. as owner.
Buyer obtains tax benefit. | |
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