Posted by colvegas on January 23, 2007 at 21:16:33:
Dustin,
I live in Arizona but I work with land trusts which are totally legal in actually all 50 states.
I know you can do subject 2 deals in Arizona but when doing sub 2 just be careful on any potential due on sale trigger by the sellers lender for an unauthorized transfer.
I do not know of any Arizona law that says a subject 2 type acquistion is illegal…
As to your title theory is you use a trust the trustee through the doctrine of equitable conversion hold both the LEGAL and EQIUITABLE title to the propery so if you are unsure use a land trust…
If you like to discuss feel free to call me at 702-400-7632.
Can I legally buy a property in Phoenix, AZ subject to the existing loan in place?
I live in Utah and we can do a Quit Claim Deed, but I understand Arizona is a Title Theory state. Does it work the same way or will I have to do it differently?
Posted by colvegas on January 23, 2007 at 21:17:37:
Dustin,
I live in Arizona but I work with land trusts which are totally legal in actually all 50 states.
I know you can do subject 2 deals in Arizona but when doing sub 2 just be careful on any potential due on sale trigger by the sellers lender for an unauthorized transfer.
I do not know of any Arizona law that says a subject 2 type acquistion is illegal…
As to your title theory question if you use a trust the trustee through the doctrine of equitable conversion holds both the LEGAL and EQIUITABLE title to the propery so if you are unsure use a land trust…
If you like to discuss feel free to call me at 702-400-7632.