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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: OK as long as you haven't recorded the transfer deed yet. Posted by Jim on September 12, 2003 at 1:23 PM In Reply to: Re: OK as long as you haven't recorded the transfer deed yet. posted by Jk on September 12, 2003 at 10:31 AM : : : Ward, : : : : : : Just got a chance to read your replys...I understand what you are saying about creating the trust first witht seller as trustee..... : : : the only problem is that I met with the sellers today and created teh trust. : : : "sellers trust" with me as the trustee. : : : I am confident that this one will be fixed up and sold in under 2 months....do you think I have anything toworry about?? : : : : : : zachary : : -=-=-=-=-=-=-=-=-=-=-=-=- : : Zachary, : : As long as you haven’t recorded the deed yet it isn’t too late to make them the trustee initially, so that the lender only sees their name as the trustor and trustee on the Certification of Trust and transfer deed. : If you are confident it will be sold in 2 months you have nothing to worry about. It would take the lender 4 mos. to foreclose anyway. If the interest rates on this loan are higher than today's present rates the bank will probably not want to "call in the loan" anyway. Ward, Well now I'm confused. I thought the strategy for implementing the THT was as follows: Trustor: owner/seller....Donald Trump...selling: New York City Trustee: investor/buyer...Daddy Warbucks, LLC Beneficiary: owner/seller...Donald Trump The trust created by the investor/buyer would be: Daddy Warbucks, LLC, as Trustee of the New York City Trust, dated 9/12/03 or Daddy Warbucks, LLC, as Trustee of the Trump Trust, dated 9/12/03 Is one of these preferred as more effective against the Due-On-Sale? Is this incorrect or has there been a change to the THT strategy? Once the seller has been paid the $2,000 for executing a grant deed with Daddy Warbucks, LLC, as the trustee, and then the $3,000 and a PDOT for assigning their beneficial interest to Daddy Warbucks, LLC, the property would belong to Daddy Warbucks, LLC. What am I misunderstanding here? 8( Jim Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Ward, : : : : : : : : Just got a chance to read your replys...I understand what you are saying about creating the trust first witht seller as trustee..... : : : : the only problem is that I met with the sellers today and created teh trust. : : : : "sellers trust" with me as the trustee. : : : : I am confident that this one will be fixed up and sold in under 2 months....do you think I have anything toworry about?? : : : : : : : : zachary : : : -=-=-=-=-=-=-=-=-=-=-=-=- : : : Zachary, : : : As long as you haven’t recorded the deed yet it isn’t too late to make them the trustee initially, so that the lender only sees their name as the trustor and trustee on the Certification of Trust and transfer deed. : : If you are confident it will be sold in 2 months you have nothing to worry about. It would take the lender 4 mos. to foreclose anyway. If the interest rates on this loan are higher than today's present rates the bank will probably not want to "call in the loan" anyway. : Ward, : Well now I'm confused. I thought the strategy for implementing the THT was as follows: : Trustor: owner/seller....Donald Trump...selling: New York City : Trustee: investor/buyer...Daddy Warbucks, LLC : Beneficiary: owner/seller...Donald Trump : The trust created by the investor/buyer would be: : Daddy Warbucks, LLC, as Trustee of the New York City Trust, dated 9/12/03 : or : Daddy Warbucks, LLC, as Trustee of the Trump Trust, dated 9/12/03 : Is one of these preferred as more effective against the Due-On-Sale? : Is this incorrect or has there been a change to the THT strategy? : Once the seller has been paid the $2,000 for executing a grant deed with Daddy Warbucks, LLC, as the trustee, and then the $3,000 and a PDOT for assigning their beneficial interest to Daddy Warbucks, LLC, the property would belong to Daddy Warbucks, LLC. : What am I misunderstanding here? 8( : Jim 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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