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Due Diligence Documentation "Exhibit P-1"
Title Documentation
The following notes
are provided pertaining to this exhibit:
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What: marketable
title in the form of a general warranty deed or special warranty deed is
required for the transfer of ownership interests via the anticipated Project
Tenants-In-Common Ownership Plan Real Estate Purchase & Sale Agreement (see
Exhibit P-11).
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When: title
passes upon the closing of a successful syndication. The form of the
real property deed must be reviewed by the Syndicate's counsel and approved
prior to the Syndication being undertaken (the sales phase requires
pre-approval of the form of deed).
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Why: there
must be legal ownership of the real property and improvements conveyed to
Real Estate Plays Dot Com, LLC that, in turn, will sell units of
fractionalized ownership for the sum of $25,000.00 per unit to the buying
public.
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Where: the
Developer/Sponsor's title company will provide an electronic record.
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How: a draft
copy of the proposed deed is provided to the Syndicate's counsel during the
pre-construction phase prior to commencement of the actual syndication.
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What's important: the
form of title must be acceptable in that it provides for sole ownership that
is not contestable. The form of title and title insurance (see Exhibit
P-2) provide a measure of safety and enhanced reliability to the transfer of
real property interests.
For more information, please contact us at 832.659.5009 or via email at info@realestateplays.com.
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