Posted by JohnWe (NoCA) on February 04, 2000 at 12:38:56:
Do they have interest to sell? Yes
Does the contract have to be completely paid to get:
When should you record? If you’re bying on a land contract, record it. If you’re selling, cross your fingers that the buyer doesn’t record. If the buyer does record, get a quitclaim to hold in escrow if the buyer disappears.
In the beneficial interest assignment, the interest isn’t assigned until the contract is paid in full, just like the deed doesn’t transfer in a contract for deed.
How does the insurance work? There’s a lot of ways to do this, but most likely the trust would have a landlord’s policy, and the buyer would get a renter’s policy.
Hope that helps.