Re: Can this be done…and what if? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 04, 2000 at 08:31:02:
I agree with Steve. You COULD sell by assigning beneficial interest in the trust, but this takes you out of control.
A better plan is to sell on a land contract or lease-option, or create and sell a note at closing and pay off the underlying loan.
Not to nitpick, but one little correction on your initial steps: when you take the property subject-to, the SELLER - not you - deeds the property into the trust. YOUR name does not appear anywhere in the chain of title.