brief anatomy of a "subject to" land trust deal - Posted by Russ Sims

Real Estate Investing
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Posted by David Alexander on April 05, 2000 at 10:52:47:

None, that I’m aware of? Most of my relatives are in the Oklahoma area (Njuns on one side and Irish on the other) :slight_smile:

David Alexander

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brief anatomy of a “subject to” land trust deal - Posted by Russ Sims

Posted by Russ Sims on April 05, 2000 at 24:42:44:

I’m transferring from my lease/option mode to my “get the deed!” mode, thanks to fine instruction by Mr. Bronchick (by way of his Cash Cow course). I’ve got a couple of motivated sellers who are not opposed to signing the deed over to their homes. I just need to make sure I’ve got the proceedure down.I know: that’s what the course is for but I’m just double checking

  1. Draw up offer to purchase “subject to” the existing loan
  2. Have seller sign all the CYA forms
  3. Create a Land trust using my LLC as Trustee and myself as the beneficiary
    3.Have the seller deed (by way of warranty deed) the property to the trust.
  4. Seller assigns beneficial interest to me, making me the beneficiary
  5. Send appropriate notification letters to the loan/insurance companies.

I know many of you have never hired an attorney to set these trusts up.I know I SHOULD hire an attorney, but the excellent Bronchick forms seem to cover all of the basis. Is this truly a do-it-yourself proceedure or am I heading for trouble? Thanks in advance for any advice!
Russ

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Re: brief anatomy of a “subject to” land trust deal - Posted by William Bronchick

Posted by William Bronchick on April 05, 2000 at 16:33:43:

My colleagues below filled in the gaps perfectly. I guess some of what I teach may actually be starting to stick!

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Re: brief anatomy of a “subject to” land trust deal - Posted by Paul_NY

Posted by Paul_NY on April 05, 2000 at 12:00:00:

I think in step 3, the seller needs to be the beneficiary. THEN the seller assigns the beneficial interest to you.

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Re: brief anatomy of a “subject to” land trust deal - Posted by David Alexander

Posted by David Alexander on April 05, 2000 at 01:50:27:

You need to at least check title (if your not going to buy title insurance) and verify loan balance of the loan.

Get a Power of Attorney including having in it the ability to deal with Insurance and escrow funds.

Loan authorization form signed by seller.

David Alexander

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Re:David–completely off subject, but… - Posted by ND(ID)

Posted by ND(ID) on April 05, 2000 at 08:11:25:

did you have relatives that lived in Sumpter, OR in the 1950’s? They were our neighbors when I was growing up so I’m just curious.