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LilA
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Buying a Home
Monday, June 30 2008 03:49 AM
My husband and I have found a realtor who has told us we can buy a home using a Land Trust. The seller and us would enter into a land trust with us as the beneficiaries so as not to activate the due on sale clause. We would make the payments and receive the tax benefits. We would refinance the home in 12 months, with the option of cotninuing the trust if we don't get our own mortgage. Is this legal? If so, what would be the best way to structure the trust?
Thanks.
LilA
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Randy Hughes
SFH Master Advisor
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Re:Buying a Home
Tuesday, July 01 2008 04:19 PM
PLEASE SEE MY COMMENTS BELOW IN BOLD.
My husband and I have found a realtor who has told us we can buy a home using a Land Trust. The seller and us would enter into a land trust with us as the beneficiaries so as not to activate the due on sale clause. We would make the payments and receive the tax benefits. We would refinance the home in 12 months, with the option of cotninuing the trust if we don't get our own mortgage. Is this legal? If so, what would be the best way to structure the trust?
Thanks.
YES, THIS WOULD BE LEGAL BUT WATCH OUT WHEN DOING THIS. SOME PEOPLE HAVE BEEN TAKEN ADVANTAGE OF WHEN STRUCTURING THE LAND TRUST AGREEMENT (IN THIS TYPE OF DEAL). IT IS TOO INVOLVED TO EXPLAIN STRUCTURE IN THIS POSTING, BUT YOU COULD EITHER PURCHASE OUR HOME STUDY COURSE (FOUND ON THIS WEBSITE UNDER..."SHOP ONLINE" ON THE LEFT SIDE BAR) OR FIND A KNOWLEDGABLE ATTORNEY TO REPRESENT YOUR INTERESTS IN THIS TRANSACTION.
DO NOT GO IT ALONE...YOU WILL REGRET IT.
Randy Hughes
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