Buying A Trust
I am in negotiations to "buy" a house. The "owner" says that the house is in a common law trust. The property is the only assest owned by the trust. He is willing to sell me the trust with financing. But we are having trouble writing up a contract. A P&S is not really appropriate, but it is comfortable. How do you write up a contract to purchase a trust. It is good to keep it in the trust because I plan to retail the house in a couple of months. But having trouble with the wording for the sales contract and the mortgage note.
Thanks
Brenda
I'd use a P&S agreement for any property I'm buying...since it's the RE I want, and not the trust itself, it's just like any other RE P&S.
Title co. or your lawyer would complete the deed to you after checking to make sure the real owner is in title and is signing the deed.
If you really think buying the trust itself would be of benefit, have your lawyer show you how & do the docs...a layman isn't really knowledgable enough to handle that.
There would be no deed if the property stays in the trust. The sale is requiring that all the current officers resign and I get appoint all new officers. Thus making my team the "owners".
Going to a lawyer this week to discuss and to really look at the common law trust. It might be more problem than it is worth. but for seasoning issues, it would be nice to keep the same "owner".
Brenda