I am wondering what I’m missing on this:
I have a duplex that I have under control ‘P&S Agreement’. The owner has no liens and I am about to get a “Contract for Deed”. If I have her put it in a trust and record the ‘Contract for Deed’ is there anything else I need or can I close on my own?
Any help would be appreciated.
If you have to ask the question, you need a professional to review the contract. I can’t see how this situation helps you unless your credit is so shot a conventional lender won’t touch you or there is something about the property that makes it difficult to secure traditional financing.
I’m a firm believer that (especially for the “unseasoned”!) if the deal doesn’t have enough room for a couple of hundred bucks to have a professional Title Company do the closing, it’s no deal. There are too many hoops and too many laws to undertand…
My two cents!
Keith
A title search would be nice. How do you know the seller even owns the property you are about to purchase? A settlement attorney will do this for you.
What value does the trust add to the deal? What do you gain from having the seller put the property into a trust?