someone tell me the little things! - Posted by pat

Real Estate Investing
1

Posted by dutch on May 02, 2006 at 21:31:39:

NEVER file the trust. Trusts are private documents. Some states require you to file a Memorandum of Trust, but you DO NOT FILE THE TRUST!

If you plan to use land trusts, for heavens sake spend the money to do it right: 1) hire a lawyer (good luck) 2) buy Bronchick’s course, here or at legalwiz.com

They are much too complicated and this is WAY too important for you to get all the answers you need here or on any board.

Most states have a statute that allows for a NON-Sale deed to be filed without transfer fees, just a filing fee. But again, if you are going to do business in your state, learn the rules and the laws. You can’t expect someone to know your state’s law when you didn’t even say where you are from. And those of us not in your state wouldn’t know, or care.

Dutch
Okhomesavers

2

someone tell me the little things! - Posted by pat

Posted by pat on May 02, 2006 at 20:20:14:

Hey everyone
i was wondering if anyone would like to shed light on my newbie questions.

basically when you take a title sub2… youre just getting a deed.
When you file that deed… do you pay transfer taxes? I hear the transfer taxes in
some states is A LOT of money.

or if you elect to hold the deed in a land trust… do you file the land trust at the
same place… and pay transfer taxes then?? please respond.

3

Re: someone tell me the little things! - Posted by Natalie-VA

Posted by Natalie-VA on May 03, 2006 at 10:45:47:

Pat,

Buying a house “subject to the existing mortgage” is just another form of financing. If you’re not sure what you’re doing, you should have a settlement agent or attorney perform a closing for you. If you do it yourself, and it’s not done right, the consequences can be really bad!

–Natalie

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Re: someone tell me the little things! - Posted by Joe Kaiser

Posted by Joe Kaiser on May 03, 2006 at 24:35:41:

You don’t “take a title” sub 2, you take the house. Houses don’t come
with titles.

Land trust’s don’t hold deeds, they hold title to real estate, but there’s
no physical title to speek of.

Hope that clears things up!

Joe