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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Baker's dozen I think... Posted by Ward-CA- on September 11, 2003 at 8:26 PM In Reply to: Re: You can't count....thanks!! and 1 more..... posted by zachary on September 11, 2003 at 6:21 AM : Ward, : thanks for your great answers!! : I have one more reagarding question one: : -since I have not INC'd yet I will be the trustee. : when the sellers assign their beni. intrest it will be 50% to me and %50 to my money partner. : Should I still use my personal ssn# for the tax id section in the cert. of trust?? : : thanks!! : Zachary =================== Zachary, If your transaction is one where you’re taking title subject to the existing liens, then you’d be trying to avoid the due on sale clause. In that case you’d help the seller’s create a trust titled in their surname. At this point I used to recommend that you be named the trustee, but not anymore. Lenders now require that the seller show as the trustor and trustee of their trust. So I arrange things that way initially and have the recorded transfer deed reflect that setup. After the seller has sent a copy to the lender and insurance company, along with a copy of the notarized Certification of Trust then the sellers execute the notarized Assignment of Beneficial Interest in Trust in exchange for your buyout of their beneficial interest. It’s at this point that you’d then have the seller transfer the trustee position to you via a recorded deed. The sellers would be the grantor and you’d be the grantee. It would read as follows: “Suzie Seller, Trustee of the Seller Trust, dated 9-11-03” hereby grants to “Zachary Buyer, Successor Trustee of the Seller Trust, dated 9-11-03” Hope this helps Follow Ups: Let me get this straight.... Gary 9:33 AM, 09/12/03 (2) Getting straight... Ward-CA- 4:53 PM, 09/12/03 (1) Re: Getting straight... Lughead 8:36 PM, 09/12/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : thanks for your great answers!! : : I have one more reagarding question one: : : -since I have not INC'd yet I will be the trustee. : : when the sellers assign their beni. intrest it will be 50% to me and %50 to my money partner. : : Should I still use my personal ssn# for the tax id section in the cert. of trust?? : : : : thanks!! : : Zachary : =================== : Zachary, : If your transaction is one where you’re taking title subject to the existing liens, then you’d be trying to avoid the due on sale clause. : In that case you’d help the seller’s create a trust titled in their surname. : At this point I used to recommend that you be named the trustee, but not anymore. Lenders now require that the seller show as the trustor and trustee of their trust. : So I arrange things that way initially and have the recorded transfer deed reflect that setup. After the seller has sent a copy to the lender and insurance company, along with a copy of the notarized Certification of Trust then the sellers execute the notarized Assignment of Beneficial Interest in Trust in exchange for your buyout of their beneficial interest. : It’s at this point that you’d then have the seller transfer the trustee position to you via a recorded deed. The sellers would be the grantor and you’d be the grantee. : It would read as follows: : “Suzie Seller, Trustee of the Seller Trust, dated 9-11-03” : hereby grants to : “Zachary Buyer, Successor Trustee of the Seller Trust, dated 9-11-03” : : Hope this helps 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

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