So I have an REO under contract in a land trust with myself as the beneficial interest and my LLC as trustee. When I go to assign the beneficial interest to a rehabber exactly where is my assignment fee indicated? My Assignment of Beneficial Interest form does not have a space for me to indicate the fee. Should I just get an addendum signed and send it to the title attorney? Or should I just edit the assignment document to include a space for me to put my fee?
Wholesaling using a land trust. Question about assignment (advanced question)
Question? why are you using 2 entities? In my state they no longer allow you to flip with an Land Trust. One closing really, the A-B, no assignment, just transfer ownership of the LLC to the buyer or rather sell it to them for your spread. Honestly I’m not sure of 2 entities being involved will effect the transaction, you put to much into this.
The only buyer is the land trust. My LLC is only trustee; I could have named a friend or even myself as trustee, that doesn’t really matter much. The REO bank accepted my contract with no probs.
In any case, I found the answer to my question…the assignment form states, “…for valuable consideration, the receipt of which is hereby acknowledged…”
From the way this reads, this seems to be only a personal transaction between myself and the rehabber, and not actually a part of the formal closing. I have an email into the processor to verify this.