Hello To all.I would like to find out how to close this deal.I have a property that I would like to purchase and the seller is flexible.her loan is not assumable,so we agree to give her a small deposit pay her mortgage monthly,fix the property up,then put it on the market for sale.How can I get the deed over in my name.Do I need to a closing?.What do I need to do to get the property in my name.If I am not going to pay her upfront.Looking for all the assistance I can get.
If your brand new I would ask your investor friendly title company or attorney to do the make the deed for you. It may cost a little bit but you will know for sure that it is right. Make sure you have an agreement in writing.
I have a property that I would like to purchase and the seller is flexible.her loan is not assumable,so we agree to give her a small deposit pay her mortgage monthly,fix the property up,then put it on the market for sale.How can I get the deed over in my name.Do I need to a closing?.What do I need to do to get the property in my name.If I am not going to pay her upfront.Looking for all the assistance I can get.
The easiest and safest way to accomplish this without violating the Lender’s Due on Sale Clause is to set up a land trust in the Seller’s name. The property is deeded to the Trustee. That deed is the only publicly recorded document in this transaction. Your trustee now owns the property. The Seller owns the beneficiary interest in the trust, personal property.
Then, she grants you a 90% interest in the trust and retains 10%. Let’s say you agree upon a value of $200K. The seller adds you as an additional insured on her property and converts her policy to a landlord policy. You move into the property on a triple net lease and make the payments and fix the property up. You refinance it or sell it for $240K.
The seller receives all of her equity up to $200K. You split the $40K profit 90/10 and she dismisses her interest in the trust. That’s the way I’ve done it for many years without a single hitch. You can make virtually any loan assumable using a land trust if the seller leases the property to a co-beneficiary for a period of less than three years and without an option to buy. I wish you the best of luck.