what does "get the deed" mean? - Posted by cheryl

Posted by B.L.Renfrow on November 05, 2000 at 11:26:29:

That’s one way to do it. But if you’re using a trust the seller deeds the property to the trust, not to you. Then, yes, you record it, make payments, etc. I will caution you, however, that if you’re planning to sell to a retail buyer who brings his own financing, you MAY run into problems with title seasoning if you (or your trust) has held title for less than 6-12 months.

Of course, if your buyer is bringing all cash, that’s not an issue. And with an FHA or VA loan it’s not an issue.

Another option is to sell on a land contract (known in some states as a contract for deed). By doing it this way, there are no lender hoops to jump through and you open it up to a larger pool of potential buyers.

As to whether you NEED to use a trust if you’re planning to sell right away, I guess that’s up to the individual, but keep in mind if you choose not to utilize a trust, there is an increased risk of judgments or liens attaching to the title, and you lose the anonymity factor.

Brian (NY)

what does “get the deed” mean? - Posted by cheryl

Posted by cheryl on November 05, 2000 at 02:00:55:

when doing contract “subject to existing mortgage”, if you are planning on turning it retail within 30-60 days, do you need to put in a trust? does "get the deed " mean you just have a warranty deed notarized with seller signing property over to you? then you record it, make the payments for a couple of months and if selling retail, your new buyer would get a new loan and with new loan, orig seller loan would be paid off in escrow and you walk with the profit? thanks…cheryl