Posted by mike on February 28, 2001 at 16:20:55:
so what you are saying is just put the property into a land trust and then just put it on a P&S Agreement that i owe so much per month to the seller and that i’m taking the underlying loan subject to. record only the trust, then turn around and sell with a land contract or whatever.
taking subject to and giving back a second mort. - Posted by mike
Posted by mike on February 27, 2001 at 21:14:19:
I understand all of the paperwork (trust, cya, …etc) up until the P&S Agreement which has the subject to and the second mortgage that the seller is carring back. how is the second put on the agreement and is there anymore paperwork for the second? what is recorded, if anything?
(i have legrand paperwork)
and if i’m understanding this correctly i should use a land installment contract on the other end for my buyer.?
taking subject to and giving back a second mort. - Posted by Bud Branstetter
Posted by Bud Branstetter on February 28, 2001 at 08:51:25:
I had put in the land trust agreement that the former owner was due so much money at the time the property was refi’d. I never paid a monthly. After I was exposed to the PACtrust a similar thing is done by adding a beneficiary agreement. I don’t reord anything because it is a private contract between me, the seller and the trustee. You would also have some exposure if you recorded a DOT or memo. But if you’re not concerned with that then there is nothing to keep you from doing a note and DOT and recording it.