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Yes, I understand that you will both take title. In this juridiction, prior liens will attach the minute title goes into your name. In other words, when you deed your interests over to him the title might be encumbered by prior judgments of record against you. Jurisdictions have differing law with respect to priority, etc.

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How is it that I asking my co buyer to forgo title insurance? I would never ask such a thing.

The title insurance he getting covers all encumbrances up until the moment you purchase the property, but doesn cover the encumbrances that are attached the moment the property is conveyed.

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So, to do your transaction properly, without having your own POF and without having to double close, you can use a trust, name your end buyer as the beneficiary, you as the trustee and your buyer can supply the POF. Then, on closing day, you execute with notary, a new grant deed showing change in trustee for your fee (or you can even have the entire purchase amount, including your fee, funded by the buyer into escrow and direct escrpw, through the escrow instructions, to dispurse all overage of funds to your account. You might be right about the beneficiary not being able to record a deed directly, but I seem to remember he can, nevertheless, the trustee can only do as directed by the beneficiary, nothing more, nothing less, therefore, it seems to me, the bene could conceivably direct the trustee to assign trusteeship to other than the wholesaler trustee without paying the wholesale fee since the trustee must by trust law do as directed by the beneficiary.

his funds proof and such instead of Nike Roshe Womens Pink

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an investor I would never want to take title without title insurance, which is what you are asking this guy to do nevermind the issue of your possible breach.

I think that what Cheryl was trying to get across in her posts above.

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Also, in an effort to avoid such an occurance, I have in the Nike Roshe Run Leopard On Feet past had escrow instructions that instructed escrow to payout on the Hud (irrevocably) to pay my corporation the fee amount and make sure that my fee plus the EMD required was sent into escrow upfront by the buyer BEFORE they could ever do such a thing.

Yeah when you know your buyer. I done it my last 2 deals. But my buyer for the current shortsale is someone new. He has no assurance that I will in fact deed my interest to him after COE, even though he knows I need the money.

I have a way around funds

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Ah, PERSONAL liens that would follow me around. Good point. Thank you.

Use a standard Addendum and add him as co buyer on your original purchase contract. Now you both buying the place, and the banks can use Nike Roshe Print

For example, let say the IRS has liened you for your non payment; this lien may attach to the property the minute you purchase it. If you then quit claim your interest in the property to the end buyer (the other guy on the contract), he now inherits your lien with the property. And he doesn have any title insurance to protect him against the lien you passed on.

I have no idea what AZ laws are on this. Will ask my title lady.

The method of wholesaling you mentioned is nothing new, but as you can see, it is not the easiest or often the best option as many porblems exist. First off, it must be done with someone who will trust you and then, the problem of encumrances after title transfers as explained by Jason.

I have done that many times before, however, in such cases, when the EMD or the closing funds come from my buyer, they are thrid party funds and require more paperwork and signatures from the buyer. It also makes them a bit more nervous, particularly those unfamiliar with trusts, to "trust" someone to "assign" that beneficial interest before or after funds are sent.

yours. After closing, you both go to a notary (best place is your bank or his) where he pays you cash in place of an assignment fee to deed all your interests in the property to him. Bingo. Done.

I have bought properties for relatives in the manner you are contemplating (I did it in order to give my relatives time to sell a property or obtain financing). As Nike Roshe Run Nm Breeze

Originally posted by Chuck Prime:How is it that I asking my co buyer to forgo title insurance? I would never ask such a thing.

The thieves at the IRS aren happy with me these days, so I will check that out. My biz hit the skids in the middle of a year, so I didn make enough extra in the 2nd half to pay the taxes on what I made in the first half. And I haven made enough since then to get caught up.

I in Phoenix. The bubble burst harder here than almost anywhere else. It REALLY bad. But we should recover fairly well, given a little more time.

Nike Roshe Run Leopard On Feet

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Anyone got any suggestions? I need a bright idea to fix my bright idea.

Nike Roshe Run Leopard On Feet

Nike Roshe Run Leopard On Feet

For wholesalers, here a way around funds proof requirements on those shortsale/REO deals IF you know your buyer.

We can write it into the contract, because it an after COE arrangement. We could probably draw up an agteement and file it with the county recorder, but he kinda "meh" about that. And this current shorsale is a condo, for which ALL my buyers would be new.

David, the beneficiary does in deed instruct the trustee and as such, could theoretically instruct the trustee to do so without the fee, however, if that were to ever happen with me, that buyer would never be doing business with me again and I would make certain to plaster such an occurance all over the net about that person. Doing so would only save them a fee one time, but the loss to them on any future deals and their namesake would be a great loss.

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