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gary
President, Solid Oak Enterprises, Inc.
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Terms Arrangement within a LT
Thursday, February 26 2009 11:41 PM
I have the basic Land Trust course and have thoroughly read it. I'm purchasing a rental property, subject to, where I will make approximately 75% of the mortgage payment and the seller will continue to pay the remaining 25%.
My research indicates (if I'm interpreting this correctly) the seller should be the initial Beneficiary so the Garn-St. Germain Depository Instituions Act of 1982 can be upheld. Then, at closing, the seller assigns all Beneficial Interest to my company?
The other issue that I'm not sure about is how is an agreement for split mortgage payments accomodated in the trust?
Gary Cadwell
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