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2. On the P/S contract who Nike Air Max Red Blue are the buyer and seller? The way I seen it done it the past is have the seller as an individual be the seller, and the land trust be the buyer.
Another concern that I have with your description is simultaneous closings. Lenders are requiring you close with your own funds and simultaneous closings are rarely happening anymore.
I am not sure I understand your confusion:
Since you say you seen it done before where the buyer on the contract is the beneficiary in the trust and not the actual name of the trust I believe it will not fly for reason stated above. However, since I have not handled a trust in outside of Arizona, I will defer the answer to your question to others on this board. I would say you should talk to a title company or escrow agent to confirm.
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No fraud as long as you disclose all material facts and the seller receives no proceeds. This transaction still requires an a to b transaction where you bring money to the closing, then a b to c where your end buyer brings money to closing.
Yes I am talking about simultaneous closings. I have worked with investors using land trusts to get past title seasoning requirements. My questions are:
I suspect you might be talking about a simultaneous closing which rarely happens anymore.
Which state are you in. I would recommend you research your states laws more thoroughly and also discuss using a trust in an RE transaction with an experienced title agent.
You deed the property to the trust. The seller on the PSA is the trust and you are the buyer.
When I employ a trust, here is how I set it up. Keep in mind, I use an attorney as the trustee and this information applies to the state of Arizona.
Are you saying that the land trust should be the seller and the buyer as an individual as the buyer? because that would undo everything I trying to accomplish.
The reason I prefer to use an option contract over a land trust in a short sale, is because the seller is a natural person. Generally, either the short sale lender or the buyer lender will have a problem with this type of transaction Nike Air Max Healthwalker
1. When the property is transferred to the trust, do you have the seller as trustee or would you make the buyer trustee.
1. In a land trust, your seller will deed the property into a trust (a Real estate transaction). The seller is the Beneficiary and the Trustee. Although, I recommend the trustee be an attorney or another third party. Using the seller as trustee puts the control back into their hands.
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2. A sales contract is signed where the seller is the name of the trust (if your state laws allows) and the where the buyer is the investor. Here you asked if the seller can be personally named on the sales contract instead of the name of the trust. My answer to this is no. If the trust is employed to hold title to the property, then the seller cannot enter into a sales agreement and legally transfer title. (check your local state laws).
I been browsing this forum for a long time but this is my first post. I would appreciate any help you can give me. Ok so like many of you I been investing in short sales and buying under a land trust. In some cases when it necessary, we have the property deeded over from the seller to the land trust so that when the end buyer runs a title search for financing the land trust shows up as the owner on record. The problem is many sellers are concerned with the idea of deeding over their property before the closing, because they are afraid of being left without the ownership while still holding the note.
My idea to hopefully relieve the sellers of some of their concerns is to have the sellers sign a deed to the land trust and then have another deed that is Nike Air Max Jacquard Women's
held in escrow with a lawyer of title company that deeds the property back from the land trust to the seller if something were to go wrong. Wanted to know if what your thoughts are? What I really need to do is write an agreement of what would constitute the second deed being released from escrow back to the seller.
For arguments sake, let us say you decide to enter the buyers personal name in the sales agreement and you successfully negotiate a short payoff. When you go to title to close escrow, the approval letter you receive from the lender will be in the name of the buyer. Since the title was transferred to the trust, not only will the sales agreement need to be amended, but you need to go back to the lender and get the approval letter changed to reflect the name of trust as the seller. Red flags will go up and you could run the risk of not getting an amended approval.
Why would need to set this up any differently? When you set the trust up, the seasoning clock begins. It will usually take two to three months to negotiate the SS anyway.
and cause problems. Sure it cures seasoning issues, but also creates a whole other set of issues.
The homeowner still owns the property as long as they are beneficiary of the trust. That is how you tell them the property is secure. I have never used this method, but that was how it was explained to me.
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