Seller Will Let Me Take Property Subject To
I live in Florida. The seller has a property in a trust. He just wants to let me have it. ( Hopefully not in a bad way.) I need to know exactly what documents I must use to make me the trustee as well as the beneficiary. I will do a title search as well as get an autorization to deal with the lender form signed. Is there anything else I should or should not be doing?
Paul
Paul, If the seller wants to "give" you the property it really doesn't have anything to do with you being both the trustee and the bene. You need to be the grantee on a deed. The seller needs to have the trust that he holds the property in to deed the property to you. You need to find out what is against the property before you acquire title, i.e. past due taxes, assessments, loans, etc., especially if you are taking the property subject to "whatever". Once your satisfied that you want the property regardless of whats against it, just get it into your name, THEN you can worry about how else to hold title. Hope this helps.