Posted by Paige Sinclaire on January 08, 2001 at 10:32:27:
While the property is in a land trust it protects the property agains judgements, lawsuits etc. To further protect both parties consider enlisting the services of a colletion company. PAC Management services with Bill Gatten are free, but of course you are paying the monthly trustee fee.
Personally, I would not send my money directly to him and entrust him to make payments. An impartial third party would be my choice.
land contract - Posted by dave
Posted by dave on January 08, 2001 at 10:01:28:
we are looking at a commercial property. seller wants a land contract. he has a convential mortgage on this property. my question is, if we buy on a land contract and he doesn’t pay off the bank and defaults where does that leave us?
Re: land contract - Posted by Bryan Ellis
Posted by Bryan Ellis on January 08, 2001 at 11:30:44:
Try this: Go to a bank and set up a savings account with yourself and your seller as joint holders. Request that both signatures be required to withdraw money. Then instruct the mortgage/financing company to withdraw their money directly from that account. You, of course, will deposit your payments directy into that account each month.
Re: land contract - Posted by Bud Branstetter
Posted by Bud Branstetter on January 08, 2001 at 11:22:21:
Because it is a commercial property the Garn St. Germain protections do not apply. Hence a PACtrust is of less value. Yes, I would still place the title in a land trust with a third party collection agent. I would also have a performance mortgage signed and recorded to protect you against liens and judgements. The insurance can also add the trust as an additional insured to further protect your interest.