Owner finance questions - Posted by Jake

Real Estate Investing
1

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:
title? Yes
interest? No
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.

2

Owner finance questions - Posted by Jake

Posted by Jake on February 03, 2000 at 23:53:18:

Under a contract for deed if the buyer paid for 10 years and decided to move do they have interest to sell? Does the contract have to be completely paid in other word to get title and interest? I’m guessing it would be best not to record.

Also how would that work with a beneficial interest assignment? I gather the property is put in a trust and then the interest is sold. If i have the deed but the buyer has all the beneficial interest who is the boss here? How would that work with the insurance?

Thanks for any wisdom