Posted by William Bronchick on March 29, 2002 at 09:00:38:
You can list the trust as buyer, or, as I like to do it, have the corp be the buyer, then assign the contract to a newly created trust at closing.
Land Trust - Posted by LEX
Posted by LEX on March 26, 2002 at 21:42:41:
Mr. Bronchick,
When buying “subject to” using the Land Trust Method, is the trustee named as the “Buyer” on the “Offer to Purchase and Contract” agreement? Can the trustee be a corporation? Do I, as an officer of the corporation, need to be mentioned on the contract as the trustee or is it better to use someone else as the trustee and have the beneficial rights assigned to the corporation later?
When providing the seller with the balance of the purchase price in cash, is this amount disclosed on the “Offer to Purchase and Contract” agreement or is it offered as the consideration for the seller assigning their beneficial rights over to the trustee. If this amount is not offered to the trustee, what amount is offered?
'LEX