All Forum Posts by: Paul Elya

Scott,

Yes I am talking about simultaneous closings. I have worked with investors using land trusts to get past title seasoning requirements. My questions are:
1. When the property is transferred to the trust, do you have the seller as trustee or would you make the buyer trustee.

2. On the P/S contract who are the buyer and seller? The way I've seen it done it the past is have the seller as an individual be the seller, and the land trust be the buyer.
Are you saying that the land trust should be the seller and the buyer as an individual as the buyer? because that would undo everything I'm trying to accomplish.

Thanks for the insight

Thanks Justin, I think I do it a little different.

Who is the purchaser on the p/s agreement. Is it the land trust? If it is wouldn't that be fraud, if the seller in default was buying their own house? I suppose if it wasn't you could hold the assignment of beneficial interest in escrow as well to protect your interest in the property.

Hello all,

I've been browsing this forum for a long time but this is my first post. I would appreciate any help you can give me. Ok so like many of you I've been investing in short sales and buying under a land trust. In some cases when it's necessary, we'll have the property deeded over from the seller to the land trust so that when the end buyer runs a title search for financing the land trust shows up as the owner on record. The problem is many sellers are concerned with the idea of deeding over their property before the closing, because they are afraid of being left without the ownership while still holding the note.

My idea to hopefully relieve the sellers of some of their concerns is to have the sellers sign a deed to the land trust and then have another deed that is held in escrow with a lawyer of title company that deeds the property back from the land trust to the seller if something were to go wrong. Wanted to know if what your thoughts are? What I really need to do is write an agreement of what would constitute the second deed being released from escrow back to the seller.

I know that's a mouthful, but any idea's as to what should be included in this agreement? Or if that idea is even worth pursuing.

Thanks
Paul

James,

What you need to do is use an standard option contract. You can set the option period to be 12 months or longer if necessary. As for the purchase price you have a few options. You can have the original contract purchase price be extremely low, and then have the seller sign a new one every time you need to submit a counter offer. Or you could have the seller sign a limited power of attorney which would allow you to sign a new contract for them when necessary.