Grandpa Ward and high school grad, Chris.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Speaking Schedule

Store

Foreclosure Codes

50 State Resource Data

Foreclosure Glossary

Foreclosure Statistics

60+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Contact / Map

Home

 

BBBOnLine Reliability Seal

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

Trust implementation details....

Posted by Ward-CA- on September 10, 2003 at 6:52 PM

In Reply to: I'm a little confused. Couple of questions posted by James-CA on September 10, 2003 at 11:15 AM

: Hi Ward,

: I am a little confused. Here are some questions which should help me understand Equity Buyouts using THTs and the preliminary change of ownership form:

: 1. When taking title subject to and with a THT, you fill out the preliminary change of ownership report (only section 1) and file it along with the Grant Deed, correct? Who signs that?

: 2. When using a THT, do you ever file a preliminary change of ownership report using sections 2-4 BEFORE the resale or refi? If so, when?

: 3. What transfering from homeowner to THT, what box(es), if any, are checked on the Grant Deed when it is recorded? (Full value, less than?)

: 4. When time comes to record the Trust Deed and Straight Note, do you need to file a preliminary change of ownership report?

: Thanks for your help.

=•=•=•=•=•=•=•=•=•=•=

James,

#1. The homeowner transferring the title into her trust should sign the PCOR.

#2. When you're buying property without trying to get around the due-on-sale clause.

#3. When a homeowner is just transferring title from themselves to their revocable trust there's no sale and thus no transfer tax due. So with a zero in the tax amount line then there's no need to fill out or check off any other boxes.

#4. You only file a PCOR when you are recording a deed. So when you're recording something other than a deed the PCOR is not applicable.


Follow Ups:


Post a Followup:

Name    : 
E-Mail  : 
Subject : 
Comments: Optional Link URL: Link Title: Optional Image URL:


[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455

[an error occurred while processing this directive]