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Bruce Harn
  • Rental Property Investor
  • Blackshear, GA
0
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Transferring title/deed to someone without triggering due on sale

Bruce Harn
  • Rental Property Investor
  • Blackshear, GA
Posted

If I have someone willing to put up their name and credit for a mortgage in exchange for 10% of the profits (and fully aware that they will not have any ownership, rights, or interest in the property; only the 10% agreed upon nin the contract), how do I legally get them to transfer title/deed to myself or my LLC without triggering acceleration/due on sale? I know that by law the lender CANNOT trigger due on sale if someone transfers deed/title to a trust. BUT is there anything saying that said person can or cannot transfer the title/deed into a trust not owned by himself/herself but instead into a trust not someone not related to them? Or if the person transfers title/deed into their own trust account is there anything saying that the said person can or cannot transfer ownership of that same trust account to a person not related to them? Also, is this legal? Please help.