Posted by JohnBoy on February 20, 2002 at 16:21:18:
The land trust helps to conceal the property has been sold and transferred from the lender. If the lender ever checked title they would only see where the property was deeded into a trust.
If you don’t use the land trust and the lender did happen to ever check title they would see where the property was deeded to you. They may or may not call the loan due if they found out about it, but why even risk it when you don’t have to by deeding to the land trust first?
I think you can buy the land trust forms from Bronchick’s site and have it downloaded once you submit payment.
URGENT ADVICE NEEDED: Subject To, No Land Trust - Posted by Chris Abrams
Posted by Chris Abrams on February 20, 2002 at 15:56:29:
I may be headed for trouble!! Need advice!!!
Have a signed Purchase Agreement from Seller for a “subject to purchase”. Title is clear (no liens or judgements), sellers payments are current, Deed is being prep’d via my Attorney/Title Co.
Planned to take the property in my name. What are some of the downside risks to acquiring the property without using the Land Trust/Assignment method?
I have time to correct the deal, but need to move quickly to set up the Land Trust. Am purchasing the Alternative RE Financing Course, but need to do damage control in the meantime.
Please Help!!!
Regards,
Chris (A-BEE) Abrams
(aka “Subject To first timer”)