Seller wants to hand me the deed. What should I do? - Posted by Dmitry

Real Estate Investing
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Posted by Dmitry on December 16, 1999 at 11:08:52:

Lisa,

Thanks for your help. I will check Legalwiz for the articles. Thanks for the offer to fax them… I think I will be able to find what you are talking about.

Dmitry

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Seller wants to hand me the deed. What should I do? - Posted by Dmitry

Posted by Dmitry on December 16, 1999 at 08:54:16:

I approached a very motivated seller with a L/O offer. He wants to hand me the deed and take over the payments instead. I like the idea, but since I don’t have much experience yet, I don’t know how to do it (don’t get me wrong - I know how to TAKE the deed, I just don’t know how to make it legal :))… How do we technically finalize it? What documents should I have him fill out? I got Bill Bronchick’s L/O Workshop, but I am a little confused of what form is used for what situation…
Besides, how do I deal with his lender? Should I qualify with them, or they will just have to live with the fact that somebody else will be making the payments?

Thanks for your input.

Dmitry

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Re: Seller wants to hand me the deed. What should I do? - Posted by Lisa

Posted by Lisa on December 16, 1999 at 10:59:02:

YOu should read through the many threads on this site regarding L/O and land trust deeds. Also, Bronhick’s site has some really good articles regarding trust deeds. One of them actually shares information on how to form a trust and a net lease agreement. Apparently this type of structure allows the L/Oer to enjoy all of the benefits of home ownership. I printed out and will fax to you if you would like.