Posted by Jay - IN on November 16, 2001 at 09:24:34:
I don’t believe I said that.I was merely naming the documents.
Jay
subject to - Posted by gus
Posted by gus on November 15, 2001 at 22:42:02:
How is the deed actually transferred in a subject to deal? Do I get the “seller” to quitclaim the deed to me, is there an actual closing, what other paperwork needs to be signed? Are there any good articles on the subject? Thanks.
Re: subject to - Posted by Jay - IN
Posted by Jay - IN on November 15, 2001 at 23:03:33:
Basically, you have the seller sign a Warranty Deed to Trustee, an Agreement and Declaration of Trust (the Land Trust), and then as Assignment of Beneficial Interest. When they sign the Beneficial Interest over to you or your company, you have then become the “owner”. Actually the Trust owns the property with you as the beneficiary.
Some people close with an attorney but many people close at the kitchen table.
Other paperwork needed includes: P&S Agreement, Limited Power of Attorney, Letter to Mortgage Co., Letter to Insurance Co., Bill of Sale, CYA letter, and a Seller’s Disclosure.
You can get more info at www.getthedeed.com or search the archives.
I hope this helps.
Correction - Posted by Mike (IN)
Posted by Mike (IN) on November 16, 2001 at 07:23:16:
You don’t sign the W.Deed over to the trustee…you sign it over to the “Name of the Trust”.
Correction - Posted by Bud Branstetter
Posted by Bud Branstetter on November 16, 2001 at 16:39:43:
Actually, it is “John Doe as trustee of the 123 Main Street Trust.” Not just the 123 Main Street Trust.