Need Help With A Subject To in Iowa

[Account Closed]

Working on a sub to deal in Iowa, and I just need some help in regards to what paperwork I need to close this thing and not have the bank call it due on me.  

Anyone thats done this kind of transaction in Iowa, any help would be appreciated! Either what paperwork I need, or a good title company recommendation that is familiar with these kinds of transactions would be great!

Thank you all in advance! 

[Austin Faux]

@Account Closed the way I've been taught to structure these subject to deal includes putting the property into a Land Trust, and making the homeowner the beneficiary.  So the Land Trust would look like the homeowner no longer owns the property because the Land Trust owns it, but the original homeowner is the beneficiary of the Land Trust.  So in short the paperwork is set up so the homeowner "owns" the property via the Land Trust, but in reality the Land Trust owns the property.  

Then on a separate piece of paper make an assignment of beneficiary from the homeowner to you/your business.  The original Land Trust will need someone to act as the "Trustee" who manages the trust.  You don't want to be the "Trustee" for asset protection purposes, so you make someone you know and trust the "Trustee."  Since you've been assigned the beneficiary of the Trust you can always fire the Trustee, but the Trustee can never fire you as the beneficiary.  If need be you can give your "Trustee" a few hundred bucks a year for any work that pops up.  Usually it's just receiving/reviewing any mail that comes, and protecting the land trust paperwork in a safe place. 

Then on another contract you sign a "homeowners agreement" which is just a piece of paper that lays out any "subject to" clauses you want to put in, plus any terms/conditions your seller whats to put in and that you agree to so you can get the deal.  This piece of paper doesn't get recorded, but stays with you guys so you can get the deal completed.

Then you record the Land Trust with the county, and your Trustee holds the assignment of beneficiary paperwork (never record with county), and now you're in a position where you can take over the property "subject to", take over the payments, and do whatever you want with the property since you now own the property through the Land Trust.