Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

We bought an assisted living facility business through owners…

Customer Question
We bought an assisted living...
We bought an assisted living facility business through owners financing. We are making a monthly payment to the owner for 5 years now. The owner also still owes the lending company with some amount of money with that business as collateral. Recently, the owner and the lending company agreed for us to assume the mortgage and transfer the business ownership to us. In addition to monthly payment to assumed mortgage, we will make an amortization payment directly to the owner for several years until the certain agreed amount is paid-off. What are the steps need to be done and forms to be obtained i.e. “deed of sale with assumption of mortgage”?
Submitted: 2 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 15 minutes by:
6/2/2015
Real Estate Lawyer: socrateaser, Lawyer replied 2 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,883
Experience: Attorney and Real Estate broker -- Retired
Verified
Hello, Did the lender tell you to provide the contract?
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
He told us to obtain a deed of sale with assumption of mortgage form from online or office depot but can't find one at depot
Customer reply replied 2 years ago
And how do I Know if the he got the real property title?
Real Estate Lawyer: socrateaser, Lawyer replied 2 years ago
What is the name of the lender? And, is the lender located in the same state as you are located?
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
Gelt Funding and in same state FL
Customer reply replied 2 years ago
Are you still trying to answer my question?
Real Estate Lawyer: socrateaser, Lawyer replied 2 years ago
I can't find a viable form in my library. I will reopen the question for others to answer. Please do not reply to this message, as it will slow the process of getting someone else involved. Best of luck.
Ask Your Own Real Estate Law Question
Real Estate Lawyer: Irwin Law, Lawyer replied 2 years ago
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,559
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Verified
Hello. Another expert here, and I will be happy to assist with your question. Buying a business the way you are doing it, i.e. on your own without any legal assistance is extremely problematic. The lender told you to go buy a form at Office Depot?? Wow! You will need: 1) Either a new purchase agreement between you and the seller or a revision of your existing agreement; 2) a deed conveying real estate; 3) a bill of sale conveying personal property; 4)a loan Assumption agreement between you, the seller and the lender. Except for the deed, there are no pre-printed forms for what you need. They must be individually drafted to fit your specific situation. You mentioned the question of title to the real estate. Typically, that involves a search of the title records in the County recorder's office. Title insurance companies will do that, and provide you with an insurance policy covering title to the real estate. In summary, you are in a situation where trying to do ones own legal work often has disastrous results. You need the services of a good business attorney, to takeover and handle your business purchase from this point on. I hope this information is helpful and that you will assign it a positive rating.
Ask Your Own Real Estate Law Question
Was this answer helpful?
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,559
7,559 Satisfied Customers
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.

Irwin Law is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
1099 C cancellation of debt on a mortgage , Im trying
Customer: 1099 C cancellation of debt on a mortgage … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,815 satisfied customers
A landlord signed the attached agreement with a real estate
A landlord signed the attached agreement with a real estate to rent a few apartments. The landlord has his own listing on streeteasy that state by owner no fee. a secondary real estate contacted the o… read more
Lori
Lori
Juris Doctor
1,315 satisfied customers
I think a person failed to be honest in a real estate
I think a person failed to be honest in a real estate situation … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Can an attorney in local govenemnt sponsor real estate
Can an attorney in local govenemnt sponsor real estate agents as if he was a real estate broker? … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,568 satisfied customers
Real estate mortgages, I got a mortgage with an adj rate its
real estate mortgages , I got a mortgage with an adj rate its the 1 year libor plus 2.25 percent, is this ok or would the treasury index been better ?… read more
Lori
Lori
Juris Doctor
1,315 satisfied customers
As real estate question. 1988 divorce, deed to be held as
As real estate question. 1988 divorce, deed to be held as tenants in common, husband awarded use and occupancy, while wife is required to pay 50% of all repairs and maintenance. When youngest chums ti… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,568 satisfied customers
Real Estate What are the odds that a home sells better if it
Real Estate What are the odds that a home sells better if it is empty except for a few staged items ...like a picture or 2 and some bathroom towels? What else would you suggest?… read more
Michael
Michael
Research Librarian
Bachelor\u0027s Degree
116 satisfied customers
Is it legal to purchase commercial real estate with just a
Is it legal to purchase commercial real estate with just a closing attorney? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
In a transaction involving a "gift of real estate" there is
In a transaction involving a "gift of real estate" there is no consideration (it's a gift). If the gift deed is recorded is it protected from third party claims or can it be challenged because there w… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Real estate Question Can you define “wholesale real estate”
Real estate Question Can you define “wholesale real estate” & “Bandit”sign? Also, are bandit signs legal in Michigan?… read more
LegalGems
LegalGems
Juris Doctorate
11,915 satisfied customers
Need a real estate lawyer in city. I signed a real estate
I signed a real estate contract without my thinking through but would like to cancel the contract. what can I do without getting sued? … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
What is the statute of limitations on a real estate
What is the statute of limitations on a real estate transaction that is based on an earlier created FORGED Deed. … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,815 satisfied customers
Is an Agreement for the Sale of Commercial Real Estate
Is an Agreement for the Sale of Commercial Real Estate binding if only the Husband signs the Agreement although both the husband and wife are on the deed for the property … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
Is there a real estate loan for business where the borrower
Is there a real estate loan for business where the borrower pays monthly for several years and then closes the loan with a large balloon payment?… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,483 satisfied customers
Does a real estate investment fund need a real estate
Does a real estate investment fund need a real estate license to operate? The crowd funding company's real estate broker license was suspended since 11/11/2017 due to several violations that was broug… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have a real estate question. I inherited a mortgaged home
I have a real estate question. I inherited a mortgaged home in the state of Florida. Probate has already taken place and the deed is in my name. Queston is will the mortgage company give me a hard tim… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I own a commercial real estate mortgage co. I operate under
Hello, I own a commercial real estate mortgage co. I operate under a California Finance Lender's License (CFLL). I would appreciate it if you can tell me if it is legal to pay someone a referral fee o… read more
KLAW
KLAW
Juris Doctorate
2,102 satisfied customers
I currently hold a Real Estate License and Mortgage License
I currently hold a Real Estate License and Mortgage License in the state of Colorado. I am being told that I am a risk to hire from a local Real Estate Office because hold both. I do not double side a… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x