I am confused?
exhange said: The seller signed the property into a Land Trust and I bought the beneficial interest.
Then ryand said:
Just fax over the document that shows the seller having 100% beneficial interest. if you did it right, you should have this part of the trust.
How or what part should say the owner has the interest when you said you bought the beneficial interest?
I was able to get this deal done. What he was talking about was showing the original docs that have the previous owner as the beneficial interest. Since the land trust docs are not public information, there is no way for the bank to know about what goes on in the trust. Therefore, I could show them the original docs and not the ones where beneficial interest was transferred to me.
Just fax over the document that shows the seller having 100% beneficial interest. if you did it right, you should have this part of the trust.
I am confused?
exhange said: The seller signed the property into a Land Trust and I bought the beneficial interest.
Then ryand said:
Just fax over the document that shows the seller having 100% beneficial interest. if you did it right, you should have this part of the trust.
How or what part should say the owner has the interest when you said you bought the beneficial interest?
I was able to get this deal done. What he was talking about was showing the original docs that have the previous owner as the beneficial interest. Since the land trust docs are not public information, there is no way for the bank to know about what goes on in the trust. Therefore, I could show them the original docs and not the ones where beneficial interest was transferred to me.