How to Word the Contract - Posted by Brad-GA

import · January 24, 2002, 1:39am

Posted by Brad-GA on January 27, 2002 at 21:26:55:

Ahhh, cool. Thanks for the insight

import · January 24, 2002, 1:39am

Posted by Brad-GA on January 24, 2002 at 02:39:27:

Bill,

Bill, recently you said that in order to circumvent the due-onsale clase, that you do not usually have the seller transfer title into a revocable land trust and then assign the beneficial interest in the trust over to you as suggested in one of your articles. You suggested that you simply take title in trust and have the seller sign a due on sell disclosure. My questions are two fold.

Can a trust that I have not technically formed yet, buy a property. For instance, Can the 1234 Main Street Trust that I formed in my head with myself as Trustee and Beneficiary be the buyer of 1234 Main Street. It seems kind of odd to me to word a contract like this.
If this is not the case, how exactly would you do this and word a contract without getting into too much detail.

Thanks

Brad

import · January 27, 2002, 7:33pm

Re: How to Word the Contract - Posted by William Bronchick

Posted by William Bronchick on January 27, 2002 at 20:33:51:

I make sure the contract is assignable, then create the trust just before closing and let the trust take title.