Subject To Vs Landtrust
Hello everyone
My question is this.....if i take over payments in a subject to situation or set up a landtrust to aquire property does the sellers name remain on the deed with mine as a joint owner ? or does my name remain soley. Also is there any diffrences between subject to vs. landtrust.
Hi PhillyR:
LT vs. S-2 is a misnomer
You can S-2 AND USE a LAND TRUST:
Using a Land Trust in your S-2 ADDS an addl. measure of flexibility, privacy and durability (read: PROTECTION) to your deal.
No need for recording your name b/c the TRUST will hold title with you as an Un-Recorded co-beneficiary of the Owners whose existing mortgage you'll be taking over.
You could take and record a deed and NOT use a Land Trust---however, I don't particularly feel comfortable holding my A$$ETS out in the open with a 'NAKED TITLE' !!!
PLUS I am able to manuever easily past 'Title-Seasoning' issues b/c Deeding a property into the Land Trust of the current mortgage holder is not literally a SALE merelt a TRANSFR for A$$ET -Prtection purposes.
Underwriters more readily accept this vs. a Quit-Claim or Warranty Deed to the S-2er...
There's more but this is the Genl. gist.
Should you need some specific pointers PM me!
Happy Investing!
Derrick Ali
517-629-2867