OfflineHow do you avoid triggering the Due on sale clause if you do a Subject To or Contract for Deed deal with a motivated Seller?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Land Trust. There is a fedral law called the St. Germain Act that state's that a lending institution cannot stop you from putting your house in a trust and or exercise the due on sale clause if you do put it in land trust. If you use a land trust the banks don't know who the beneficiaries are. It just reads 123 mains street trust. Also, as long as payments are being made, they're not going to look at who is on title. Especially during these times. I would be very surprised to see a bank do that when they have so much inventory.
KimmyJ
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Is a land trust the same as putting it in an LLC?
KimmyJ
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"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
An LLC is your business entity. A land trust is a document that has a trustee (that goes on title) and beneficiary (the person who own's the equity in the property. You can have your business as the trustee. For example, Real Estate LLC, as trustee for 123 main street trust.
KimmyJ
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so I would have to get an attorney to create a trust for me, correct?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
a title company that you're going to be using all the time for your deals? If you do then tell them that you will be buying all your houses via a land trust and ask them to give you copy of the trust they prefer.
KimmyJ
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than make or tailor my trust documents to how they prefer the document. I haven't found a title company, I more than likely will use a Real Estate Attorney to handle all my deals.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
the attorney is familiar with the land trust. I called a dozen to find out none of them understood what a land trust was. I finally found 1 attorney.
KimmyJ
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will definitively make sure I'm dealing with a real estate attorney knowledgeable and experience having done his own deals in a land trust.
KimmyJ
Press on...
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.