I understand that the North Carolina legislature was working on a law to stop Sub2 sales. Does anyone know if a law has been passed? Can Sub2 still be done in NC? I have a condo I would love to sell Sub2 or with a Wrap since I can’t get rid of it any other way.
CHAR-NC
Yes, the subject to is still legal in NC, but not for very long. They are scheduled to vote this summer and the subject to will be banned unless you have a real estate license, or use a land trust to do your subject to, which is exempt from the new law, both by the new law itself, and by Federal law.
Da Wiz
Ummm…what I think the Doc meant to say was:
They are scheduled to vote this summer and, if it passes into law, the subject to will be banned unless you have a real estate license, or use a land trust to do your subject to, which is exempt from the new law, both by the new law itself, and by Federal law.
I’m sure he doesn’t mean to say that this law is already presumed to have passed…
Keith
Keith,
No, it hasn’t passed into law as yet. Unfortunately, it doesn’t appear to have much chance of not passing, given the strength of the anti-investor lobby and what has transpired to date.
Da Wiz
Maybe the governor doesn’t like the legislature and won’t sign it into law…
Keith