Let me get this straight.... - Posted by Aaron (FL)

Posted by Jim LaVerdi (Phx_Az) on November 24, 2000 at 14:16:05:


If you have a hard copy of the “Warantee Deed To Trustee” it’s just a matter of filling in the blanks, having the sellers sign it (notorized of course) and recording it! If you’re taking title into a trust you will appear nowhere on the deed. Your Trustee is who’s name goes on the deed (Hense: Warrantee Deed To Trustee) Always make sure you have had a title search done and title insurance purchased before you do this, or at least before you record it

Yes, the sellers are technically responsible for the debt and you should have your “CYA” letter signed by the seller(s) stating that they know this is the case at the time you purchase the house.

The Taxes & Insurance are all in your hands now. You are the legal owner. You pay them and you getr the benefits as well. Your “CYA” letter should state this also

Hope this helps

Jim LaVerdi (Phx_Az)

Let me get this straight… - Posted by Aaron (FL)

Posted by Aaron (FL) on November 24, 2000 at 13:22:45:

Hello everyone and Happy Holidays!

I’ve got some questions about taking property subject to. First, you sign a contract,(it can be any purchase
contract?) which states you will take the property subject to its existing loan. My real confusion is this… how do you go about the specifics of them giving the deed to you?
Also, since the loan stays in their name, they (original sellers) are still ultimately responsible, correct?

How does all of this affect the taxes and insurance?


Aaron (FL)