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Question regarding seller addendums

  • Thread starter Thread starter joefm26
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J

joefm26

Guest
What is the name of your state? Indiana

Hi I have a question to which no one seems to be able to give me a straight answer to. I am trying to sell homes that I have rehabbed to investors for them to rent out. I paid cash for them and the investor will need to finance them. Is it legal for me to have a seperate addendum stating that the investor will get "X" amount of dollars back to them after the close of the sale? I have tried and tried to find laws relatig to this or guidlines or something and I can't find anything anywhere. I am trying to be creative in my financing but I don't want to step over the line. I have had some tell me it is not legal I have had others tell me that there is nothing illegal about having a seperate contract outside the sale. I just need a straight answer, and possibly where to look to verify the answer.

Thanks :)

Joe
 


H

HomeGuru

Senior Member
joefm26 said:
What is the name of your state? Indiana

Hi I have a question to which no one seems to be able to give me a straight answer to.

**A: well, who did you ask thus far and what are their qualifications?
**********?

I am trying to sell homes that I have rehabbed to investors for them to rent out. I paid cash for them and the investor will need to finance them. Is it legal for me to have a seperate addendum stating that the investor will get "X" amount of dollars back to them after the close of the sale? I have tried and tried to find laws relatig to this or guidlines or something and I can't find anything anywhere. I am trying to be creative in my financing but I don't want to step over the line. I have had some tell me it is not legal I have had others tell me that there is nothing illegal about having a seperate contract outside the sale. I just need a straight answer, and possibly where to look to verify the answer.

Thanks :)

Joe
Click to expand...

**A: did you talk to a tax attorney?
 
J

joefm26

Guest
Well I have talked to other investors, real estate agents mortgge brokers. No I have not talked to an attorney yet because of the cost to just say Hi to them. I wanted to know where I can go to look at specific laws regarding this issue
 
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