Selling subject to property - Posted by Ed_IL

Posted by Steve-Atl on January 19, 2000 at 21:06:39:

I don’t know the laws of your state but you might consider assigning the beneficial interest in the existing trust to the new buyer. Since title does not transfer from the trust, no transfer taxes should be due, yet the buyer now owns the property.

Selling subject to property - Posted by Ed_IL

Posted by Ed_IL on January 19, 2000 at 16:06:11:

I took title on a home in a trust subject to the existing mortgage. I did so at a kitchen table closing and I did record the deed. Now I’m approaching selling it. I know there are several ways to sell: L/O, O/F, Cash, Sell the note, etc.
My questions are:
#1 Am I liable for a transfer tax when I bought?
#2 When I have a closing at a title co. when I sell, do I now have another transfer fee for passing title to my buyer?
#3 Is there a way without assigning a contract to take title to a property, record it, and then pass to a buyer w/o having two deed transfers?
I think I’m talking about doing a similtaneous closing senario. However, when I recorded the deed I may have eliminated that option and may have a double closing type senario.
Any advice. I WILL find a way to get it done one way or another.
Thanks,
Ed_IL