Posted by Dick Chelten on July 07, 2003 at 18:39:14:
I’ve done a couple subject2’s and both were with an attorney and we used the Charlie and Rany France Get the deed paperwork-mainly. My attorney wanted a different warranty deed, but in general, we used everything they suggested.
On to your question…were I to buy a house subject2 and not put it in the trust, then the seller would give me a warranty deed stating the sales price of the home, not the financing terms, correct?
Remember, land trusts are for privacy. Some people also advocate land trusts as they avoid transfer tax in that property held inside a trust is considered “personal” not “real” property. consequently, property tranfer to you never gets recorded.
Not sure if I confused you, but in summary, just get the deed, pay the transfer tax and keep paying the existing mortgage. I DO like the land trust if you choose to do subject2, however.