Posted by David Garcia on July 04, 2002 at 13:00:10:
I’m willing to help you step by step to get this home & to sell it. I average 3 deals a month (subject to).
Lets talk!
(843)293-1018 David Garcia
Newbie needs help with land trust/subject2 - Posted by Tom(Al)
Posted by Tom(Al) on July 04, 2002 at 10:23:48:
I hope someone could answer a few questions for me.
I am meeting with a seller in a couple of days and I
hope to get the deed.
Regarding Land Trusts:Does my trustee have to be with
me during the closing? I have heard of other investors actually getting the seller to sign a blank
warranty deed.
Where can I find a notary?
Since I do not have a corporation or attorney,Can I be
my own trustee and beneficiary initially and then
change trustee name later on the warranty deed before
it is recorded?
Since I hope to do a “tabletop closing” what should I
give the seller a copy of upon sale?
Thank you very much in advance
Tom Gowen
Where in AL are you located? - Posted by REI Neophyte
Posted by REI Neophyte on July 07, 2002 at 10:13:11:
If you are located in the Mobile area I would like to talk with you!
Trustee in Al must have a - Posted by Brian (Al)
Posted by Brian (Al) on July 04, 2002 at 22:05:29:
A trustee for trusts in Al must have interest in the property. Check the state code.
Brian
Re: Newbie needs help with land trust/subject2 - Posted by Patty
Posted by Patty on July 04, 2002 at 12:55:40:
Tom, Find an experienced local investor to walk you thru this deal.
Good Luck
Re: Did you get a Drivers License at 12 years old? - Posted by $Cash$
Posted by $Cash$ on July 04, 2002 at 12:23:40:
Tom,
Certainly, you didn’t. You had to learn to drive the car first otherwise chances are you would have hurt your self or someone else. Now either Mom, Dad, Uncle Joe or Drives Ed. taught you how to drive.
You should learn how to become a Real Estate Investor before…you think you become one.
Answers like the one you recieved from Anne are good advise pay heed.
$Cash$
Re: Newbie needs help with land trust/subject2 - Posted by Anne_ND
Posted by Anne_ND on July 04, 2002 at 12:02:44:
Tom,
Since you are a self-proclaimed newbie, and you don’t know the answers to some important questions regarding trusts, or even where to find a notary, I suggest that you do not close this deal at the kitchen table.
Buy a few courses and pay a real estate attorney to figure out how to best approach this in your state, and close at the attorney’s office. If you don’t have the thousand or so it will take to do this, you are in no position to do this deal.
To answer a few of your questions: your trustee does not need to be at the closing table; you should not be your own trustee as well as the beneficiary; you can find notaries at banks and other places: check your yellow pages under ‘notary’.
I suggest you consider forming your corporate entity before closing, as a trust obscures ownership (which is very valuable), but doesn’t actually provide the legal protection that a corporate entity would.
There have been a rash of recent posts by newbies who ask for help after they have hoisted themselves by their own petards. I suggest you walk from this deal if you can’t figure out how to do it right before closing. You could get yourself and the seller in a lot of hot water.
good luck,
Anne
Re: Newbie needs help with land trust/subject2 - Posted by Tom Gowen
Posted by Tom Gowen on July 04, 2002 at 12:24:26:
Thanks for the advice Anne
I do have a good real estate course with all of the contracts and land trust forms.I do need to study it more,obviously,but it does leave out some fine points that an attorney could help me with.
I can come up with the money to form a corporation;however,I do not want to delay taking action because she is 2 months behind on her payments and has $24,000 in equity.She is very motivated!
Thanks
Tom