Acquiring And Holding Short
I am in Georgia and have long term investment properties that I hold in an LLC. My short term and flippers I hold in an S-corp. I have an atty who handles my RE transactions but on pre-f/c or subject to's he won't touch because of triggering the due on sale. Can I get the owner to give me the deed and hold in a trust and record it when I see I will get property? Can I record this myself and then have the attorney do the rest of the closing? Is there a generic trust form to use and as far as the name of the trusts just use the street name for the name of each trust?
Need some pointers.
Get a new attorney!
I cannot see any reason why they wouldn't do the friggin paperwork. You are paying them right? These methods of investing are not illegal, so what's his grounds for not doing the paperwork? Seriously that's a little ridiculuous.
Ryan J. Schnabel
I have to agree with Ryan. The DOS clause is not a law. It is just a statement that says the lender MAY choose to accelerate the loan should the property be transferred to a new owner.
So what if they do? You get 30 days to deal with the issue, and you can always talk to them to find a more reasonable solution than them wasting money and time on a foreclosure for a loan that is performing.