Quote:
Originally Posted by albertGQ
...A stat dec doesn't mean much. Plenty also buy rental properties with 5% down as second homes when it's really a rental property. Sign a stat dec claiming it's going to be owner occupied and voilà! You just bought an investment property with only 5% down
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I'm a real estate lawyer, I'm not naïve. I know people lie on these things. Having said that, I would take huge issue with the first bolded portion above. Have you ever looked up the penalties for swearing false documents? My suggestion was that the idea of what Shermantor mentioned is not something that people should generally do. I'm not sure why you're disagreeing with me. Apparently you're suggesting that perpetrating fraud is common and therefore it is something that people can do to offset the difficulty in coming up with the required down-payment. My two cents is to educate people that this is illegal and could put you at risk and that is just as much of a 'reality' as what you have said about people lying on these things, so I don't know why you're arguing with me.