Posted by Jim IL on January 12, 2001 at 22:21:03:
The old deed will mean nothing once a new deed is recorded.
The deed is simply the document used to transfer title of the home to the trust.
So, after you “Get the deed”, if you use a land trust, and assign the beneficial interest in the trust, ownership will look like this.
Trust owns the house
You own the trust
No one knows you own the trust, which controls the house.
So, you have hidden the asset.
And not red flagged the lender about the Due On Sale clause.
And the loan can stay in the sellers name.
You should get a course and/or an attorney to help you prepare the docs on at least your first one.
This way you will do it right, and have all the right docs filled out and bases covered.
This is my personal favorite way to buy homes, and I just did one today.