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We bought an assisted living facility business through owners…

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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: 3 years ago.Category: Real Estate Law
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Answered in 15 minutes by:
6/2/2015
Real Estate Lawyer: socrateaser, Lawyer replied 3 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,163
Experience: Attorney and Real Estate broker -- Retired
Verified
Hello, Did the lender tell you to provide the contract?
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Customer reply replied 3 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 3 years ago
And how do I Know if the he got the real property title?
Real Estate Lawyer: socrateaser, Lawyer replied 3 years ago
What is the name of the lender? And, is the lender located in the same state as you are located?
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Customer reply replied 3 years ago
Gelt Funding and in same state FL
Customer reply replied 3 years ago
Are you still trying to answer my question?
Real Estate Lawyer: socrateaser, Lawyer replied 3 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.
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Real Estate Lawyer: Irwin Law, Lawyer replied 3 years ago
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,580
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.
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