NJ paperwork - Posted by jeff posner

Posted by Jeffrey on February 03, 2002 at 19:21:22:

Thanks for the prompt response Mark and others.

Although i do have 2 other questions.

  1. I was told that the paperwork (trust) for NJ is a little different than other states. Some small details that would prevent me from recording the deed at the court house. Is this true? and is legalwiz going to have the NJ specific agreement that I need?

  2. The order of operations: Example:

Joe Seller is willing to let me take his house subject2. I head over to his house and explain how it works.

When do go out and find a buyer?
When do I put the house in a trust?
What is the order of paperwork in a kitchen table closing?

Could you please give me a real life scenario on how you would do the deal from walking into the Joe Seller’s house to selling it to (and finding)Bob Buyer with bad credit?

Your help or other’s would be greatly appreciated.

Jeffrey

NJ paperwork - Posted by jeff posner

Posted by jeff posner on February 03, 2002 at 15:20:07:

i am new to the land trust idea. i have ron legrands forms but someone told me that in new jersey those forms dont work. does anyone know where i can get the forms to place a house in a land trust. i am starting out by placing my own in a trust and would appreciate any advice.

thnks

jeff

Re: NJ paperwork - Posted by Mark R Nj

Posted by Mark R Nj on February 03, 2002 at 17:26:24:

I hold my houses in a land trust here in NJ. Whoever told you that the trust doesn’t “work” in NJ gave you erroneous information. Actually the trust is only a means of holding title.The land trust originated in Illinois and if you talk to any title company, especially an agent for Chicago or Old Republic, they will understand the trust and won’t have any problems insuring the interest.
The only problem you’ll run into is when you want to refi, the lender will get all confused and make you deed the property back to yourself, close the loan and then it’s up to you if you want to place it back in the trust.

If you don’t feel comfortable with leGrands trust papers, go to legalwiz.com

Mark

Re: NJ paperwork - Posted by MoniqueUSA

Posted by MoniqueUSA on February 03, 2002 at 17:32:07:

Mark,

I’ve got a close friend in Northern NJ who is getting bloody beating his against the wall to find an attorney who understands Land Trusts and SubjTo deals.

Any recommendations? If you don’t want to post the name of your attorney for the world to see, could you please email me directly at messerb@mindspring.com.

Thanks so much!
MoniqueUSA

Re: NJ paperwork - Posted by Mark R Nj

Posted by Mark R Nj on February 03, 2002 at 18:21:04:

Monique, sorry i can’y help you out. I don’t really use an attorney since I am in the Title Insurance Business I get the documents prepared by my office.tell your friend to stop trying to explain the trust to these folks.All they really need to know is that you are taking title in a trust for estate planning purposes and thats it.The title examiner for the title company can call up the Underwriters state level counsel and let them determine their stance on the trust issue,If they don’t want to deal with it, go to another company until you find one that does.

The other thing is, on the sub2 deals, unless your friend is holding them for the long term, I wouldn’t even get title insurance.Just check the title to determine it;s current status and then record your deed.The title company shouldn’t even be an issue.

I’m sure I’m not explaining this clearly, I’m not a writer.

Re: NJ paperwork - Posted by Mark J.

Posted by Mark J. on February 21, 2002 at 13:52:17:

Mark…I’m new to the real estate investment world and I’m trying to find a good full service title agency in Central Jersey (Middlesex/Mercer) that understands land trusts and can handle simultaneous closings, etc.

Any suggestions?

Thank you in advance for your help!

Re: NJ paperwork - Posted by Jeffrey

Posted by Jeffrey on February 03, 2002 at 19:00:35:

Thanks for the prompt response Mark and others.

Although i do have 2 other questions.

  1. I was told that the paperwork (trust) for NJ is a little different than other states. Some small details that would prevent me from recording the deed at the court house. Is this true? and is legalwiz going to have the NJ specific agreement that I need?

  2. The order of operations: Example:

Joe Seller is willing to let me take his house subject2. I head over to his house and explain how it works.

When do go out and find a buyer?
When do I put the house in a trust?
What is the order of paperwork in a kitchen table closing?

Could you please give me a real life scenario on how you would do the deal from walking into the Joe Seller’s house to selling it to (and finding)Bob Buyer with bad credit?

Your help or other’s would be greatly appreciated.

Jeffrey