How to Owner Finance from a Land Trust
I've asked this question before and haven't received a single response, but I'll try again. I want to buy a property sub2 by using a land trust. I would have beneficial interest but the deed would be in the Trust's name c/o Trustee. Is it possible to owner finance a house to a new buyer having just the beneficial interest? If so, what would be the process? Would I sell my beneficial interest to a buyer in exchange for a note, collateral assignment of beneficial interest and some kind of security agreement? Has anyone ever done this? I would really appreciate hearing from anyone with experience and knowledge on this topic.
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The trust needs to sell, not you as the beneficiary, the Trustee will convey title, by John C Smith, trustee of the ABC Trust, dated 11 August,2013. The trust will be the beneficiary or the deed of trust and holder of the promissory note, made by the borrower/buyer. You don't appear on anything, you also can't sell your interest in or to just any trust, depends on how the trust is set up and the type.
Good you asked as trying to sell as you suggested and it being uncovered later on could have gotten you in deep stuff, fraudulent sale of RE. You need to go to a title company and close the transaction, they will ensure the documents are correct and you'll need a copy of the Trust. :)