Who Gets The Check?
I got a property, on a subject to deal, using a land trust. I have a buyer and the closing should be in 2 or 3 weeks. My question is, what documents do the title company normally request? and, at closing, who gets the check? Is it the trustee, the trust or the land trust beneficiary?
Generally you will need the trustee to bring the warranty deed for the property. The Title Company, or Attorney will have ordered/completed a title search, and they will know the leins, and the payoff amounts of each. Your buyer will bring funds or financing to the closing, and the loans will be paid, and fees extracted. If there's anything left over, you/your trustee as the titled owner prior to the sale will get a check for that amount. If the Land trust only had this property listed as the assets of the trust, then the trust is essentially done as soon as it contains no assets.
At least that's the way I understand things to be.
The Title Co./Attorney will have a list of everything you are required to bring.
Hope this helps,
Jeff
Does that scenario hold true for a sub 2 deal? The loan being paid off has nothing to do with a sub 2 deal does it?
The Sub2 deal has nothing to do with the loan being paid off, unless your buyer is bringing new financing to the table. The leins against the property need to be paid in order for you to convey clear title to your buyer when he pays the agreed upon sales price.
Or did I miss something?
Jeff