Posted by Rich[FL] on February 26, 2002 at 10:38:57:
Now wait just a minute here Bill. Underpaid? That may be a debatable subject; but UNDERAPPRECIATED? With all these other delusions your UNDER, methinks you UNDERestimate the importance most of us place on your participation here in this forum! I know I haven’t communicated with you much in the past, but I know I wouldn’t be as comfortable or confident if I didn’t have your ideas and thoughts clearly in the back of my mind (sometimes up front!) as I’m out there slogging through the real estate jungle!
Thank YOU Bill for your participation here and at the Conventions! See you in Atlanta!
Subject to Question for Bronchick - Posted by Phil (CO)
Posted by Phil (CO) on February 25, 2002 at 09:39:30:
I posted this on the Main News Group and got no response. I figured since I forked over the $400 for your course and didn’t get all of the details I needed, that you could perhaps answer these questions here. Maybe this level of detail is inappropriate for this forum, but I need help. Here it is:
I think I may be getting close to doing my first “subject to” deal and need some clarification about the process. As I understand the process it goes like this:
Seller signs a trust agreement with me (or my designee) as trustee.
Seller transfers title to the trustee. (Warranty Deed?)
Seller assigns interest under the trust to me.
My questions are:
Do all of these actions take place at the same time, or does there have to be a time lag between establishing the trust and assigning the interest in the trust?
Which documents need to be recorded?
If I want Title Insurance, does a title company have to do the closing, or can that be obtained independently?
How and when is the Mortgagee notified that the property ownership has been transferred to the trust? I assume a letter is necessary so that when the insurance beneficiary is changed to the trustee that there is not a surprise.
Is there anything more to establishing the trust other than executing the “Trust Agreement”? For example, does the trustee need to establish a separate checking account, tax ID number, etc.?
A technical question about the deed and insurance - is the trustee named for these or is the name of the trust used?
The transaction happens all at once. Title insurance can be obtained, and, if so, it must be done before you complete the transaction. You don’t notify the mortgagee. You don’t need a separate bank account or tax iD either.
All of this is outline in my Land Trust Course.
If you have a Q about my courses in the future, you should email me directly. I don’t “hang out” in the CRE main forum.
Re: Subject to Question for Bronchick - Posted by Phil (CO)
Posted by Phil (CO) on February 25, 2002 at 23:16:32:
Thank you for the reply. I didn’t mean to imply that you should have answered my questions on the Main Forum, I guess I was disappointed that nobody else replied. Believe me, I am grateful for the amount of time that you spend answering questions here for free. Thanks again for your reply.
