Marc Evan Shaw's Answers

Can a real estate broker accept a lesser offer for "cash" than an earnest offer contingent on getting a mortgage?

Unfortunately no recourse. They can reject any offer made.

My wife and myself have bought 4 houses for rent and resale. Should we form a LLC.

The main purpose of an LLC is to insulate its owners from personal liability should something happen at one of the properties owned by the LLC. The issue is you have already taken mortgages out on 2 of these properties and I suspect that there is language in the security instrument (the mortgage) that may not permit you to transfer the deed to another with out assigning the mortgage legally. There may even be a "call provision" which would allow the lender to accelerate the loan if you do...

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Does the sale of a rental unit terminate the lease?

This question would be answered less by state to state laws and rather more by lease by lease. You must first refer to the actual lease in question. The lease will provide the obligations and rights for both the tenant and landlord in regards to the termination of the lease. In some cases the lease may terminate with proper notice, in other cases the new buyer may take subject to the lease. This really all comes down to the particular lease, there is no clear cut answer.

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Can a spouse get a note/second mortgage on property deeded to both spouses

This question is somewhat unclear. It really depends on what state the party is attempting to get the mortgage in. The majority of states would require both parties to sign any collateral documentation. That means, a TIL, Mortgage, Right to Cancel, etc... If you make it state specific you can get a much better and more thorough answer.