Recording The Deed
At what point do most of you record the deed? I understand there is no personal liability if you are using a trust, however, at what point do you actually record the deed when working a short sale and buying subject to.
If you are using a trust the deed stays in the name of the trustee. If the property is already in a trust you may want to transfer ownership (by way of deed) to another trust where you have selected the trustee. Then transfer beneficial interest in that trust from the seller to you. At this point you go on your merry way until you want to sell. Then, you will instruct your trustee to sell the property and get a deed prepared.
I hope this makes sense. If not ask for clarification.
GOOD LUCK
Let me clarify....
If seller signs a quit claim into trust, I personally am trustee, my LLC becomes beneficial interest, by way of an assignement. (S.O.P.) for a subject to.
However...
This property is a short sale deal. Should I go ahead and record the deed to trustee, even if there's a 60/40 chance it could still go to sale?
Seller has indicated that she will declare bankruptcy if the sale date approaches, and bank won't co-operate.
Will recording the deed interefere with her bankruptcy if the short sale doesn't go thru? Can other liens attach to the property after recording to trust? What is the advantage to recording right away versus not recording till the bank accepts a short? Does this give you leverage with the bank when negotiating the short offer?
myfrogger,
Is a trust recorded at the court house? And if so in what format? (e.g., what information is given) Can you recommend a proven "how-to" guide?
Many thanks!
Terry
Quote:
On 2004-04-22 10:33, myfrogger wrote:
If you are using a trust the deed stays in the name of the trustee. If the property is already in a trust you may want to transfer ownership (by way of deed) to another trust where you have selected the trustee. Then transfer beneficial interest in that trust from the seller to you. At this point you go on your merry way until you want to sell. Then, you will instruct your trustee to sell the property and get a deed prepared.
I hope this makes sense. If not ask for clarification.
GOOD LUCK
In my state you don't have to record the actual trust (or any subsequent assignment of beneficial interest in it), but you do have to file a "Certificate of Trust" which includes the basics. Check/search your state's statutes to see what's required, they're probably online.