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31 January 2011 | 14 replies
However, you will not have anyone protecting your interests in the transaction (dual agency is in most cases not a good idea, and the listing agent's broker may have rules prohibiting it, as many of them are doing now for ethical and liability reasons).
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8 November 2023 | 13 replies
XIX.SUBJECT TO/DUE-ON-SALE ACKNOWLEDGEMENT: IF CHECKED : ________________________________ Land Trust, as Buyer have entered in to a certain purchase and sales agreement date herewith, the parties fully understand, acknowledge and agree as follows: 1.Seller and Buyer are fully aware that the mortgage(s)/deeds of trust securing the property Described in Section I contain(s) provisions prohibiting the transfer of any interest in the property without satisfying the principal balance remaining on the underlying loans and/or obtaining the lender’s prior written consent (i.e., a “due-on-sale†clause), and that this transaction may violate said mortgage. a.Seller specifically understands that this loan will be paid on a monthly basis by buyer, but will not be assumed or paid off completely at this time, and that this loan and loan payments will remain in Seller’s name and may continue to appear on Seller’s credit report. 2.Seller and Buyer execute this disclosure form after having had the opportunity to seek legal counsel as to the legal and financial implications of the due-on-sale clause.
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10 September 2012 | 22 replies
: Buyer have entered in to a certain purchase and sales agreement date herewith, the parties fully understand, acknowledge and agree as follows: 1.Seller and Buyer are fully aware that the mortgage(s)/deeds of trust securing the property Described in Section I contain(s) provisions prohibiting the transfer of any interest in the property without satisfying the principal balance remaining on the underlying loans and/or obtaining the lender’s prior written consent (i.e., a “due-on-sale” clause), and that this transaction may violate said mortgage. a.Seller specifically understands that this loan will be paid on a monthly basis by buyer, but will not be assumed or paid off completely at this time, and that this loan and loan payments will remain in Seller’s name and may continue to appear on Seller’s credit report. 2.Seller and Buyer execute this disclosure form after having had the opportunity to seek legal counsel as to the legal and financial implications of the due-on-sale clause.
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10 March 2015 | 13 replies
There is a new law that prohibits landlords from collecting rent on any structure that does not have a COO stating otherwise.
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3 November 2011 | 12 replies
I just called the town hall of the city I was going to place bandit signs in and they informed me that any type of bandit sign is prohibited.
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27 November 2011 | 12 replies
(A sale payoff is different than a refinance payoff)2) Attach insurance to the property in "my" name.3) Make my mortgage payments with my name on the check.4) Record the Deed which gives Constructive Notice.As for disclosure here is my latest disclosure to the seller.Buyer have entered in to a certain Purchase and Sales Agreement date herewith, the parties fully understand, acknowledge and agree as follows: 1.Seller and Buyer are fully aware that the Mortgage(s)/Deeds of Trust securing the property Described in Section I contain(s) provisions prohibiting the transfer of any interest in the property without satisfying the principal balance remaining on the underlying Loan(s) and/or obtaining the Lender’s prior written consent (i.e., a “Due-on-Sale” Clause), and that this transaction may violate said Mortgage(s). 2.Seller specifically understands that the Loan Payment(s) will be paid on a monthly basis by Buyer, and that the Loan(s) will NOT be assumed or paid off completely at Closing, and that the Loan(s) and Loan Payments will remain in Seller’s name and may continue to appear on Seller’s credit report. 3.Seller and Buyer execute this disclosure form after having had the opportunity to seek legal counsel as to the legal and financial implications of the Due-on-Sale Clause included in the Mortgage(s)/Deed(s) of Trust.
12 December 2016 | 8 replies
No, this would be a prohibited transaction.
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31 May 2018 | 10 replies
Also, the benefit lies in the fact that having a third party managing the LLC makes it harder for the IRA account owner to inadvertently engage in a prohibited transaction and disqualify the IRA.
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11 June 2015 | 12 replies
Most realtors have agreements with their brokers that prohibit this sort of thing.
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16 January 2016 | 15 replies
@Chris OswaldThe following link covers the prohibited transaction rules. https://www.irs.gov/Retirement-Plans/Retirement-Plan-Investments-FAQs