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Re: Extra time needed for special funding routine..

Posted by David on May 11, 2002 at 10:07 AM

In Reply to: Extra time needed for special funding routine.. posted by Ward-CA- on May 11, 2002 at 9:47 AM

Hate to beat this to death, but...

If the IRC 1031 rules allow the new property to be in your personal name when the old was in a trust, why not do that, get your new loan to complete the exchange, then deed out of your personal name into a trust. Isn’t this what people do all the time to get loans, called “stepping out of the trust”? There’s no time delay and you end up with the property in a trust. Or do you simply prefer not to have your personal name in the chain of title?

Thanks in advance,
David


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