Hello everyone.
I am currently trying to purchase my mother in laws property Subject to. I have read throughout this site and found out that best way to transfer ownership is with a land trust.
I need some direction on going about doing this.
Do i make my LLC the Trustee or Beneficiary? I plan to flip this house within 3 months.
Also, I am having a Speicial Warranty Deed drawn up, do i need to file this document in the county courthouse?
Any help and information would be very helpful.
Thanks
If you are going to flip it in 3 month why to go through all the paperwork a land trust need?. Sign all the seller financing paperwork at a title company/lawyer (depends where the property is) and then send a certified letter with delivery receipt to your mother in law’s mortgage holder telling them that you bought the property subject to and that you will be making the payments from now on and that should be enough. This is for the due on sell clause; if the bank ever have a problem with it you will have the proof that you let them know on time and they didn’t do anything about it then.
Good luck
Thanks for the good advise/ diro\ection.
I never thought about using a quickclaim. I was hoping to get some clarification. If i use a quickclaim deed to transfer ownnkership, can i Transfer ownership to my LLC. On all my deals i flow the income through my LLC. Also, when it comes time to sell the flip to my new buyer, is there going to be any problems from title company recognizing that my LLC holds title to the Property. Last question, does this transfer of ownership(quickclaim) trigger the due on sale clause?
thanks
Robert