If I take property Sub2 into a Land Trust, can a creditor of the original owner place a lein on the property after the Deed to Trustee was recorded?
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So let's see if we have your question straight: If you sell on Mon, and that deed is recorded on Mon, and then Tues a new lien is recorded against that property, is it any good?
Right?
If so, easy answer: NO. A lien recorded after you've conveyed & recorded the conveyance is worthless...and a title co. would probably "bond around" it and go ahead and insure the new owner's property without any serious regard for that "lien".
[addsig]
John,
You are absolutely right about what I was saying. Thanks. I know it sounded like common sense, but sometimes I just have to bounce things off someone else to make sure I'm on the right page.
[addsig]
I believe I have seen some people recommend not to record the sub-to. (To get around Due-on-sale) If it is not recorded then someone could file a lien against the property.
You are correct John, if you record a deed in your(my) name. I'm talking about putting the property into a Land Trust and recording the "Deed to Trustee". The loan can't be called then. Then just have the an assignment of the Beneficial Interest to me.
Quote:
On 2004-08-11 14:21, johnbriscoe wrote:
I believe I have seen some people recommend not to record the sub-to. (To get around Due-on-sale) If it is not recorded then someone could file a lien against the property.
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SwetB:
How are you?
Fine I hope.
I do not believe it is very likely the could if do so...unless the Trust was/has not properly recorded.
Hope this helps!
Derrick Ali :-D
Thanks for the reinforcement Derrick Ali.
[addsig]
So let's see if we have your question straight: If you sell on Mon, and that deed is recorded on Mon, and then Tues a new lien is recorded against that property, is it any good?
Right?
If so, easy answer: NO. A lien recorded after you've conveyed & recorded the conveyance is worthless...and a title co. would probably "bond around" it and go ahead and insure the new owner's property without any serious regard for that "lien".
[addsig]
John,
You are absolutely right about what I was saying. Thanks. I know it sounded like common sense, but sometimes I just have to bounce things off someone else to make sure I'm on the right page.
[addsig]
I believe I have seen some people recommend not to record the sub-to. (To get around Due-on-sale) If it is not recorded then someone could file a lien against the property.
You are correct John, if you record a deed in your(my) name. I'm talking about putting the property into a Land Trust and recording the "Deed to Trustee". The loan can't be called then. Then just have the an assignment of the Beneficial Interest to me.
Quote:
On 2004-08-11 14:21, johnbriscoe wrote:
I believe I have seen some people recommend not to record the sub-to. (To get around Due-on-sale) If it is not recorded then someone could file a lien against the property.
[addsig]