Posted by Bud Branstetter on March 06, 2000 at 17:51:12:
On a lease option deal the RE contract is the first step. Because the loan is likely non assumable then I will have them put it in a land trust. I will not likely get a title policy but will get a title report. It will take a day or so to complete the paperwork. The contract for the L/O is signed along with a performance mortgage. The mortgage along with the deed to the land trust may not be done for several weeks until I get a new T/B. I will also ask that the land trust be added as an additional insured on the fire policy. The land trust/performance mortgage will have me as beneficiary for anything greater than the purchase price. When everything is ready and I have the TB in place the deed to the land trust and mortgage will be recorded.