Posted by JohnP on September 07, 2001 at 08:20:45:
Don,
The way I deal with “subject To” is have the seller deed me the property into a Land trust. I can do this type of closing at the kitchen table with a Notary. If you are going to be the trustee you don’t want to have the beneficial interest. Your corporation or another person or entity should have the interest. You will need the trust, forms for authorization to speak with the bank, change of address for the bank and insurance Co, Power of attorney and a purchase and sale agreement. I would still look for a Title company/lawyer that handles this type of transaction even though you can buy it without them you will need them when you sell it. I just sold a 4plex and handed over the trust to the new buyers. The title company that I use and is familiar with trust had a difficult time with it because we sold the interest in the trust.I will admit it was a crazy transaction because we traded a motorcycle for the interest. I hope this helps.
Hey anyone want to buy a Harley.
JohnP. S.FL